Bus 204 M5 Quiz Obtaining and Managing Debt

Federal law states that bills must be mailed to cardholders at least ____ days before payments are due.

21

The contract supporting a credit card account is called a(n)

credit card agreement.

A borrower who has failed to make a payment of principal or interest when due or meet any other requirement of a credit agreement is said to be in

default

​The borrower will not receive the full amount of a loan when the ____ method is used to calculate interest.

discount

The outstanding balance owed on a debt is the

principal

Which of the following is an example of an unsecured debt?

signature loan

​Which type of credit card allows the holder to make purchases almost anywhere?

​Bank credit card accounts

You might find yourself obligated to pay an entire debt in full if you miss several payments because of the ____ clause found in most installment loan contracts.

​acceleration

Installment purchase agreements are also called

​collateral installment loans or chattel mortgage loans.

​The legal right to seize and dispose of property to obtain payment of an unpaid claim is called a(n)

​lien.