click below
click below
Normal Size Small Size show me how
ch.18 vocab
| Question | Answer |
|---|---|
| installment credit | credit used when a customer makes a sizable purchase and agrees to make payments over an extended but fixed period of time. |
| revolving credit | combines the features of a store credit card and installment credit. |
| debit card | immediately transfers funds electronically frojm the customer's checking account to the business's account when a purchase is made |
| smart card | a plastic card with an embeded microprocessor that can store and process a large amount of information. |
| character | measure of a person's sense of financial responsibility or personal belieft in the obligation to pay debts. |
| capacity | measure of earning power and reflects the person's potential to pay, based on current income and other financial obligations. |
| capital | a measure of the credit applicant's current financial worth or ability to pay based on assets. |
| conditions | an assessment of the economic enviorment, such as the economic health of a community or the nation and the extent of business competition. |
| no-fault insurance | each insurance company is required to pay the losses of its insured when an accident occurs, regardless of who was responsible for the accident. |
| health insurance | provides protection against the expenses of individual health care. |
| disability insurance | offers payments to employees who are not able to work because of accidents or illnesses. |
| life insurance | pay money upon the death of the insured to a person or persons identified in the insurance policy |
| liability insurance | protects against losses from injury to people or their property that result from the products, services, or operations of the business. |
| malpractice | a type of liability insurance that protects against financial loss arising from suits for negligence in providing professional services. |
| bonding | pay damages to people whose losses are caused by the negligence or dishonesty of an employee or by the failure of a business to complete a contract. |
| . |