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Chp7 Key Terms Quiz

Money Matters Chp 7 Buying Decisions

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