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Financial Knowledge
| Question | Answer |
|---|---|
| What is money borrowed to buy something now, with the agreement to pay for it later called? | Loan or Credit |
| What was one of the earliest forms of credit in the US? | Account with a Store |
| Over spending on credit cards has had what effect on the American Consumer? | Debt |
| Why do banks and stores encourage consumers to use credit? | Spend more money |
| When you borrow money or use credit you are a? | Borrower |
| The person of company that loans money or extends credit to you is the? | Crediter or Lender (Bank or Financial Advisor) |
| What is the property that you possess that is worth more than your debts called? | Capital or Asset |
| What is property pledged to assure repayment of a loan called? | Loan & Pledge Agreement |
| The amount borrowed is known as the ? | Principal |
| The total dollar amount of all interest and fees pay for the use of credit is called? | Financial Charge |
| What is a minimum payment? | $200 |
| List three advantages of credit. | Purchase power, emergency funds, safer |
| List three disadvantages of credit. | Credit costs more, cost more over time, lead to over-spending |
| Give an example of a company that uses revolving credit accounts. | Visa, Mastercard, Discover |
| What is APR? | Annual Percentage Rate |
| What are some of the reasons that a business would need to take out a loan? | Expansions, New Project |
| What is equity? | Your Business's Worth |
| What is the difference between a short term and long term loan? | Short term- is required to be paid off in a short time period for a shorter amount. Long term- is required to be paid over a longer period of time for a larger amount. |
| The amount of money that a business earns in a given period is called? | Income |
| The amount a business makes when total revenue exceeds total expenses is called? | Net Gain |
| The amount a business loses when the total revenue is less than the total expenses is called? | Net Loss |
| Money that is owed is referred to as? | Liability |
| The period of time in which the loan must be repaid is known as? | Loan-Term |
| Name an ad you have seen on TV that tries to get you to use credit to purchase their product. | Beezid.com |
Created by:
pepper.sean
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