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Math Finance C04-L04

Wirtz Math Finance Chapter 4 Lesson 4

credit card (p193) A type of credit card account that has a revolving charge where the entire bill does not have to be paid in full each month.
impulse buying (p193) When a consumer purchases something to which they suddenly were attracted and had no intention of buying.
revolving charge account (p193) A type of credit card where the entire bill does not have to be paid in full each month; there is a minimum monthly payment and finance charge the month following any month in which the bill is not paid in full.
charge card (p194) A special type of credit card where the monthly bill for all purchases must be paid in full and there is no interest charged.
Truth-in-Lending Act (p194) A law that offers protection if a credit card is lost or stolen; if a consumer contacts the credit card company immediately after losing a credit card or the card is stolen, the maximum liability is $50.
Fair Credit Reporting Act (p194) The law that gives protection to a consumer in the case of errors on a monthly credit card statement; consumers are not responsible for a disputed amount or the finance charges that amount accrues until the error is resolved.
Fair Debt Collection Practices Act (p194) The law that prohibits the creditor from harassing or using unfair means t collect the amount owed.
debit card (p194) A card that acts like an electronic check and is not a credit or charge card; with each purchase, the amount is deducted from a checking account; purchases may not exceed the balance in the account.
Electronic Funds Transfer Act (p194) The law that protects debit card users agains unauthorized use of their cards; users are not responsible for purchases made with a lost or stolen card after the card is reported missing.
average daily balance (p195, 206) The average amount owed per day during a billing cycle.
mean (p196, 225) Often referred to as average; the sum of all the numbers in a data set divided by the number of elements in the data set.