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Argylls 8 BKM
| Term | Definition |
|---|---|
| credit | the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. |
| consumer credit | the use of credit for personal needs |
| creditor | a person or company to whom money is owed |
| closed-end credit | a one-time loan that you will pay back over a specified period of time in payments of equal amounts |
| open-end credit | credit as a loan with a certain limit on the amount of money you can borrow for a variety of goods and services |
| line of credit | maximum amount of credit a creditor will allow a credit user can use |
| grace period | a time period during which no finance charges will be added to your account |
| finance charge | any fee representing the cost of credit, or the cost of borrowing |
| net income | is an entity's income minus cost of goods sold, expenses and taxes for an accounting period. |
| annual percentage rate (APR) | cost of credit on a yearly basis, expressed as a percentage |
| collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default |
| simple interest | determined by multiplying the interest rate by the principal by the number of periods. |
| minimum monthly payment | is the lowest amount of money that you are required to pay on your credit card statement each month |
| credit rating | an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings. |
| cosigning | The act of signing for another person's debt which involves a legal obligation made by the cosigner to make payment on the other person's debt should that person default |
| bankruptcy | legal process in which some or all of the assets of the debtor are distributed among the creditors because the debtor is unable to make payments |
| finance | the management of large amounts of money, especially by governments or large companies |
| portion | divide (something) into shares to be distributed among two or more people |
| pledged | commit (a person or organization) by a solemn promise |
| title | is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest |
Created by:
Bkmiller101
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