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PCS Personal Fin

Personal Finance Key Terms Ch. 1

TermDefinition
Consumer a person or organization that uses a product or service
Credit The granting of a loan and the creation of debt; any form of deferred payment
Debt An obligation of repayment owed by one party (the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment of the original loan amount plus interest
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
Interest A fee paid by a borrower to the lender for the use of borrowed money; typically interest is calculated as a percentage of the principal (original loan amount)
Loan A debt evidenced by a "note" which specifies the principal amount, interest rate and date of repayment
Personal Finance All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.
Created by: Ms.Sala