Test 6

• Credit history?


  A summary of a person’s borrowing and repayment history.
• Credit report?


  A report on a person’s creditworthiness that includes identifying information, credit cards, late payments, and bankruptcies.
• Credit risk?


  How likely or unlikely you are to pay back money loaned to you.
• Debt?

  Money you owe
• FICO Score?

  Credit score from 300 to 850 that rates how likely a person is to fall 90 days behind in a payment.
• Identity theft?

  When someone steals your private information, like your date of birth and Social Security number, and uses it to make unauthorized purchases.
• Installment loan?

  Loan with equal number of payments of the same amount over a fixed period of time.
• Interest rate?

  The percentage of a loan amount you pay in order to borrow the money.
• Apprenticeship?


  A learning period of up to five years including on-the-job training (with pay) and additional coursework at night.
• Career ladder?


  Upward movement from an entry-level job to the job that is a final goal.
• College?


  A four-year institution of learning where students earn an undergraduate degree (BA or BS degree).
• Cooperative education?


  When a degree program is combined with an internship in a company as part of practical education in a field.
• Grants and scholarships?


  Money to pay for college that does not need to be paid back.
• Internships?

  Time spent working for a company in an industry of interest. They can be paid or unpaid and can last from six weeks to a year.
• Occupational training programs?

  These range from a half day weekly during high school to two-year, full-time programs spent learning a trade such as firefighting, medical technology, or IT network management.
• Student loan?

  Money borrowed to pay for education. This money must be paid back. The best loans have deferred interest. That means interest does not start building until the education period is complete.
• University?


  An organization of advanced education that has the necessary certification to award graduate or undergraduate degrees.