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Chp7 Key Terms Quiz
Money Matters Chp 7 Buying Decisions
| Term | Definition |
|---|---|
| line of credit | A preapproved loan amount that a debtor can borrow as needed with no collateral |
| service credit | The ability to receive services and pay for them later |
| variable interest rate | An interest rate that goes up and down with inflation and other economic conditions |
| credit | The ability to borrow money and pay it back later |
| penalty | A fee charged for violating a term of the credit agreement |
| financial responsibility | Being able to meet your financial goals through planned earning, spending, and saving |
| cash advance | Money borrowed against your credit card account |
| revolving credit | An account on which the account holder can charge repeatedly up to a maximum limit |
| systematic decision making | The process of including choices that reflect goals by considering all of the pros and cons along with the cost |
| store account | A credit account that allows you to charge items or services only at that store or with that merchan |
| fixed interest rate | An interest rate that is set and does not change from month to month |
| grace period | The amount of time you have to pay your credit card balance in full to avoid paying interest |
| criteria | Standards or rules by which something is judged |
| installment credit | Credit used to finance the purchase of a single high-priced item through a series of equal payments made over a set period of time |
| consumer loan | A direct loan of cash made to a consumer at a fixed interest rate for a set period of time |
| spending limit | The maximum amount you are willing to spend for an item |
| collateral | Property that can be used as security for a loan |
| rebate | A refund of part of the purchase price of an item |
| extended warranty | Additional coverage that you can buy to pay for repairs or replacements needed beyond the original warranty period |
| balance transfer | Moving a balance from one credit card account to another |
| charge card | A form of credit card in which the cardholder must pay the balance in full by the due date |
| minimum payment | The amount you are required to pay each month on a credit account |
| debt | Money that must be repaid |
Created by:
mrstephens
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