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New JC Chapter 8

Borrowing Wisely

What does APR stand for ? Annual Percentage Rate.
What are Term Loans ? They allow consumers to borrow a sum of money for a fixed period of time.
What is an overdraft ? Allows a current account holder to spend more than they have in their account but only up to a certain limit .
What are credit cards ? They are financial products that allow people to buy goods on credit up to a certain value without needing cash.
What is credit purchasing ? It means to receive the good now but pay for it later.
What is a Short-term source of finance ? Short-term source of finance are usually for less that one year.
What is a Medium-term source of finance ? Medium-term source of finance are usually available for periods of between 1 and 5 years
What is a Long-term source of finance ? Long-term source of finance are usually available for more than 5 years.
What are store cards ? They are like credit cards but you can only spend them in one particular shop.
What does HP stand for ? Hire Purchase.
What does Hire Purchase mean ? It means that you are renting a product until you have fully paid for it in instalments over a period of time.
What does Leasing mean ? It means renting an item on a contract. It doesn't matter how long you pay the lease you own the item.
What does a Mortgage mean ? It is a large long-term loan to buy a property.
What does MABS stand for ? Money Advice Budgeting Service.
Created by: dunnejl1
Popular Economics sets




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