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chp 23

chp 23 terms

Gross income A person's total wage or salary before any deductions are made.
Net income The amount of money left after subtracting deductions from gross income.
Compounded Interest previously earned that is added to the total before new interest earnings are figured.
Fixed expenses Expenses that are the same each month.
Variable expenses Expenses that change or vary from month to month.
Negotiable order of withdrawal(NOW)account Another name for an interestbearing checking account.
Share-draft accounts Interest-earning accounts offered to shareholders by credit unions.
Electronic funds transfer(EFT) A system that allows a person to deposit or withdraw funds and make payments without using cash or checks. Money is moved from account to account by computer.
Overdraft A check is written for money that is not available in the account.
Liquidity The ability to withdraw money from an account on short notice.
Installment credit A one-time loan extending over a set period of time, to be repaid with interest.
Collateral A form of security on a loan in which the lender can repossess goods if a person fails to make payments.
Revolving credit Credit that is extended to a person before any purchases are made.
Line of credit The maximum amount of money a person can borrow.
Service charge A fee charged for writing a credit contract.
Truth in Lending Act Requires lenders to disclose in dollar amounts the exact cost of using credit.
Credit rating A record of whether or not a person has paid his or her bills on time.
Equal Credit Opportunity Act A law that states that race,color,sex,age,and martial status cannot be used against someone in determining whether he or she is granted credit.
Fair Credit Reporting Act The right to know what information in a person's credit report led to a denial of credit.
Created by: Shanice1996
Popular Family and Consumer sets

 

 



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