Consumer math b unit 1: debt vs. savings unit 1 lesson 15 1. which item cannot be used to secure a debt? (1 point) (0 pts) house (0 pts) car (0 pts) record collection (1 pt) credit card 2. which type of debt is secure? (1 point) (1 pt) mortgage (0 pts) credit card (0 pts) personal line of credit (0 pts) revolving credit line 3. secured debt usually has (1 point) (0 pts) longer loan terms (0 pts) lower interest rates (0 pts) collateral (1 pt) all of the above 4. a is not an example of collateral. (1 point) (1 pt) checking account (0 pts) house (0 pts) car (0 pts) high-value record collection 5. when you agree to pay a car dealer for the use of a new car during a set period of time for a set amount of money and you have to return it at the end of that period of time, you are (1 point) (0 pts) buying (0 pts) renting (1 pt) leasing (0 pts) owning (0 pts) not answered. 0 /1 point 6. if you put a down payment on a house of less than 20% of its value, you typically have to pay (1 point) (1 pt) pmi (0 pts) penalty points (0 pts) mortgage fees (0 pts) higher interest rates (0 pts) not answered. 0 /1 point 7. there is typically a significant difference in loan interest rates between (1 point) (1 pt) new cars and used cars (0 pts) used cars and refinanced cars (0 pts) new cars and refinanced cars (0 pts) there is no significant difference in loan interest rates. (0 pts) not answered. 0 /1 point 8. the original loan amount is referred to as the (1 point) (1 pt) principal (0 pts) originating amount (0 pts) loan balance (0 pts) interest deferred amount (0 pts) not answered. 0 /1 point 9. lenders rely on credit scores to determine (1 point) (1 pt) risk (0 pts) loan amounts (0 pts) loan repayment length (0 pts) all terms of a loan (0 pts) not answered. 0 /1 point 10. interest begins accruing the date of the transaction except for (1 point) (0 pts) mortgages (1 pt) credit card purchases (0 pts) credit card cash advances (0 pts) auto loans (0 pts) not answered. 0 /1 point