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Argylls8EC

TermDefinition
Credit An arrangement to receive cash, goods, or services now and pay in the future.
Consumer credit The use of credit for personal needs.
Creditor A lender of money.
What can misused credit lead to? Bankruptcy or loss of creditworthiness.
An advantage of credit Gives time to pay for the good or service.
A disadvantage of credit Temptation to spend too much.
Closed-end credit A one time loan payed over a specified period of time.
Open-end credit A loan within a certain limit you can borrow for purchases.
Line of credit The maximum amount of money a creditor will allow to be borrowed by a credit user.
Grace period A time period with no financial charges added to your account to pay a debt.
Finance Charge The total
Debit cards are mostly used at... Automated Teller Machines (ATM's).
Net income Your take-home pay.
Annual Percentage Rate (APR) The cost of credit on a yearly basis.
A variable interest rate is based on... Changing rates in the banking system.
Collateral Form of security to help guarantee the creditor will be repaid..
True or false: a credit card is the same as a debit card False
Simple interest Interest computed only on the principal.
Credit rating A measure of a person's ability to make credit payments on time.
Cosigning A loan that means you agree to be responsible for the loan payments if the other person fails them.
Created by: ELCURTIS
Popular Finance sets
Economic Activites
Goals and Decisions
Basic of Taxes
Consumer rights and responsibilities
Career Choices
Lifestyles and Stages of Life
shopping options and practices
Savings And Investing
Researching Job/Career Options
Protecting Your Financial Security
Transportation Options
Consumer Information

 

 



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