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Chapter!!- 23

TermDefinition
gross income \ A person's total wage or salary before any deducttions are made
net income the amount of money left after subtracting deductions from gross income
compounded interest previously earned that is added to the totalo before new interest earnings are figured
fixed expenses expenses that are the same each month
vauiable expenses expenses that changeor vary from month to month
negotiable order of withdrawl (NOW) account another name for an interest bearing checking acount
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 chacks.. Money is moved from account to account by PC
overdraft a check is written for money that is not avaliable 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 woth 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 czn borrow
service charge a fee charged for writing a credit contract
Truth in Lending Act requirs 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 martal staus caannot be used against someone in determining whetherhe or she is granted credit
Fair Credit Reporting Act the right to know what information in a person's credit report led to a enial of credit
Created by: itsamber03
Popular Family and Consumer sets

 

 



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