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Financial Knowledge

QuestionAnswer
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