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Adult Living
Consumer-I
Question | Answer |
---|---|
Consumer | A person or organization that buys-uses goods or services |
Financial Literacy | The knowledge and skill set necessary to be an informed consumer and manage finances effectively |
Credit | The granting of a loan and the creation of a debt; any form of deferred payment |
Loan | A debt evidenced by a "note" which specified the principal amount, interest rate and date of repayment-example- house mortgage- |
Debt | An obligation of repayment owed by one party ( debt or borrower) to a second party ( creditor/lender) |
Interest | A fee paid by a borrower to the lender for the use of borrowed money |
Economy | A system by which good and services are produced and distributed |
Personal Finance | All the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.. |