LifePac Grade 12 Economics: Unit 9 Self Test 2

profit service

"Not for _________, not for charity, but for ___________" is a credit union motto.

credit limit

The amount of spending that the credit card company will allow you is known as the _____________________________.

False

True or False The great thing about IRAs is that you can withdraw money anytime you want, with no financial penalty.

plan

A "rollover" IRA is one that gets money from another qualified _____________.

cooperative

A credit union is a _____________ financial institution.

sponsors

Anyone wanting to join should see if their employer _____________ credit union.

assistance from the government which is to be repaid

FFEL Stafford Loan

assistance from the government which is not to be repaid

Federal Pell Grant

defer

IRAs are savings accounts that _________ taxes.

commercial real estate loan

If Sam wants to buy a building and property for his dry-cleaning business, he would apply for a _________________________________________.

loan officer

If you went to a bank for a loan, you would see a ______________________, a bank official who will oversee the approval or denial of a loan.

credit bureaus

It is important to pay back your student loan. Besides your Christian testimony being damaged, other problems could arise. The default could be reported to national _____________________________ and a negative history will stay on your credit report.

deferment

Official permission to postpone the payments of a loan is known as a ______________________.

due give

The passage in Proverbs 3:27-28 gives this advice: "Withhold not good from them to whom it is __________, when it is in the power of thine hand to do. Say not unit they neighbor, Go, and come again, and tomorrow I will ___________, when thou hast it by thee."

federal

There are more than 12,000 _____________-chartered and state-chartered credit unions nationwide.

education

There is also an education benefit. Starting in 1998, you can take a penalty-free withdrawal for certain approved higher _________________-related expenses.

True

True or False A loan that will charge you interest fro the start is called an unsubsidized loan.

True

True or False An adjusted balanced is computed by subtracting the payments you made and any credits you received during the present billing period from the balance you owed at the end of the previous billing period.

something given to guarantee repayment of a loan

collateral

a years-long record of how well a person pays their bills and is financially responsible

credit history

a financial cooperative that provides loans to its members at lower rates of interest than would be available at other institutions

credit union

the range of eligibility fro a credit union, such as a teacher's credit union or a bricklayer's credit union

field of membership

also called a "grace period"

free period

registered with the state in which the credit union resides

state-chartered

you will not be charged any interest before you begin repayment

subsidized loan