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unit 6 vocab

TermDefinition
Credit arrangement through which a person may receive cash, goods, or services immediately, and pay for them in the future
Interest the fee a borrower pays to the lender for using the money
Debtor party who buys goods on credit or borrows money
Creditor party who sells the goods or lends the money
Open End Credit can be increased by the debtor by continuing to purchase goods or services on credit, up to a certain limit
Line of Credit maximum amount of money made available to the buyer
Closed End Credit credit that is given for a specific amount of the money and that cannot be increased by making additional purchases
Secured Loan loan in which creditors obtain an interest in something of value from which they can secure payment if the debtor does not pay
Collateral something of value you use to obtain a secured loan. The creditor obtains an interest in this item and can secure payment with it if you don’t pay the loan
Repossess to take back
Equal Credit Opportunity Act ensures that both businesses and consumers are given an equal chance to obtain credit
Fair Credit Reporting Act prohibits the abuse of a valuable consumer asset-credit. This act deals with unfavorable reports issued by credit bureaus
Fair Credit Billing Act allows consumers to contest charges on their credit cards within a stated time frame
Bankruptcy legal process by which a debtor can make a fresh start through the sale of assets to pay off creditors
Homestead Exemption debtors filing bankruptcy can keep a maximum of $16,150 in equity in a personal residence
APR (Annual Percentage Rate) the true interest rate of a loan
Outstanding Check checks that have been written that have not yet been returned to the bank
Bad Check check that is drawn on an account in which there are insufficient funds
Certified Check check that is guaranteed by the bank
Cashier's Check check drawn by a bank upon itself
Bank Draft checks drawn by a bank against funds the bank has on deposit
Money Order draft that substitutes for a check and may be purchased for a fee from banks, post offices, stores, travel offices, and automobile clubs.
Traveler's Check an instrument that requires the buyer to pay the full amount of the checks, and the offering institution guarantees the funds.
EFT banking method that uses computers and electronic technology as a substitute for checks and other paper forms of banking
Debit Card card used to electronically subtract money from a bank account to pay for good or services
Created by: everettc1
 

 



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