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Finance 10-13
Term | Definition |
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Money order | is a form of cash brought for a specific amount and signed over by the purchaser to the person or firm named on it. People must pay a fee on a money order. |
Comparison shopping | involves carefully analyzing the similarities and differences among similar products in order to make a choice. |
Credit application | is a form with questions about a borrower’s ability. |
Credit report | is a record of a person’s credit history, including willingness and ability to repay. |
Creditworthiness | is the ability and willingness to repay debts. |
Lender | someone who lends another person money or things and expects to have the money repaid or the item returned |
Collateral | something of value that a borrower owns that can be kept by a lender if a borrower doesn’t repay a loan. |
Benefit | is the gain received from an action taken. |
Variable expenses | may change from week to week or from month to month. |
Fixed expenses | are those that do not vary from week to week or month to month. |