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New JC Chapter 8
Borrowing Wisely
| Question | Answer |
|---|---|
| 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
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