Arkansas Intro to Finance Unit 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Annual percentage rate (APR) | the cost of credit expressed as a yearly percentage
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Bankruptcy | a legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay
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Capacity | the ability to repay a loan with present income
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Capital | property possessed that is worth more than debts owed
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Character | a responsible attitude toward living up to agreements
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Closed-ended credit | a loan for a specific amount that must be repaid in full, including all finance charges, by a stated due date
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Collateral | property pledged to a creditor to assure repayment of a loan
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Comparison shopping | a shopping method that enables consumers to determine whether they are getting the best quality for the price
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Consumer advocate | a person who actively promotes consumer causes
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Co-signer | a person who promises in writing to repay a promissory note if the maker fails to pay
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Credit | money borrowed to buy something now with an agreement to pay for it later
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Credit bureau | a company that gathers, stores, and sells credit information to business subscribers
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Credit history | the complete record of your borrowing and repayment performance
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Credit rating | a measure of credit-worthiness based on an analysis of a consumer's financial history
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Credit report | a written statement of a consumer's credit history issued by a credit bureau to its business subscribers
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Debtor | a person who owes money to others
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Discharged debts | debts erased by the court during bankruptcy proceedings
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Discrimination | treating people differently based on prejudice rather than individual merit
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Down payment | a part of the purchase price paid in cash up front, reducing the amount of a loan
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Finance charge | the total dollar amount of all interest and fees you pay for the use of credit
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Finance companies | small loan companies that usually charge high interest rates
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Fixed-rate loans | loans for which the interest rate does not change (up or down) over the life of the loan
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Fraud | the intentional misrepresentation of information with the intent to deceive or mislead
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Garnishment | a legal process that allows part of your paycheck to be withheld for payment of a debt
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Interest rate | the percentage charged for the use of money
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Line of credit | a pre-established amount that can be borrowed on demand with no collateral
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Needs | ingredients necessary for maintaining physical life
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Open-ended credit | an agreement to lend the borrower an amount up to a stated limit and to allow borrowing up to that limit again whenever the balance falls below the limit
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Opportunity cost | the value of your next best alternative whenever you make a choice
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Prime rate | the interest rate lenders offer to their best business customers
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Principal | the amount borrowed, or the unpaid portion of the amount borrowed, on which the borrower pays interest
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Service credit | an agreement to have a service performed now and pay for it later
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Simple interest | interest computed on the amount borrowed only without compounding
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Statement | an itemized bill showing charges, credit, and payments posted to your account during the billing period
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Time | the length of time the borrower will take to repay a loan; expressed as a fraction of a year
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20/10 rule | your total borrowing should not exceed 20 percent of your yearly take-home pay, and you should not take on monthly payments that total more than 10 percent of your monthly take-home pay
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Unsecured debt | a loan that is not backed by pledged assets
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Unused credit | the remaining credit available to you; calculated as your credit limit minus the amount you have already spent
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Values | the ideals in life that are important to you and affect your decision making
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
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