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Vocab
Term | Definition |
---|---|
Interest | A fee paid by a borrower to the leader for the use of borrowed money |
Debt | An obligation of repayment owed by one party (debtor /borrower) to a second party (creditor/lender) |
Consumer | A person or organization that buys/uses goods or services |
Loan | A debt evidenced by a "note," which specifies the principal amount, interest, rate and date of repayment (example:house mortgage |
Credit | The granting of a loan and the creation of a debt; any form of deferred payment |
Economy | A system by which goods and services are produced and distributed |
Financial Literacy | The knowledge and skillset necessary to be an informed consumer and manage finances effectively |
Personal Finance | All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc. |