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chp 16 Study Guide

POB Chapter 16 Credit Test Study Guide

TermDefinition
creditor The party extending credit
consumer credit Credit granted to individual consumers by a retail business
business credit Credit granted to a business by a financial institution or another company
installment loan A loan for a specific amount of money that is repaid with interest in regular payments.
interest rate represents the cost of a loan and is expressed as a percent of the amount borrowed
Open-end credit An agreement that allows the borrower to use a specific amount of credit over a period of time. It does not automatically close when the balance is paid off.
proprietary credit card A card that can only be used only in the stores of the company that issued it
credit policy A written set of guidelines used by an organization to determine how many and which customers will be approved for credit
credit report a record of credit history and financial behavior for a business or individual.
credit score a numerical measure of a loan applicant’s creditworthiness at a particular point in time.
accounts receivable aging report Report that shows when accounts receivables are due, as well as the length of time accounts have been outstanding
annual percentage rate (APR) Annual cost of credit charged by a lender.
closed-end credit Loan for a specific amount that must be repaid with all finance charges by a specified date or according to a specified schedule.
accounts receivable List of the individuals or businesses that owe money to a company.
debtor Party receiving credit.
finance charge Total amount paid by a borrower to a lender for the use of credit.
principal Amount of money borrowed
secured credit Credit loans that require collateral.
credit bureau Private firm that maintains consumer credit data and provides credit information to businesses for a fee.
trade credit Line of credit granted from one business to another for a short period of time to purchase goods and services.
collateral Property that a borrower uses to secure a loan.
credit risk The potential that credit will not be repaid.
collection agency Company that collects past-due bills for a fee.
Three C's of Credit Criteria used to evaluate the creditworthiness of consumer credit applicants, which includes character, capacity, and capital
Unsecured Credit credit granted based on a signed credit agreement alone.
The five C's of banking Criteria lenders use to evaluate the creditworthiness of businesses, including cash flow, capacity, capacity, collateral, and conditions.
amortization table a schedule that shows the amount of interest and principal for each payment so a loan can be repaid within a specific period of time.
Truth in Lending Act A Federal Act that requires money lenders and credit card companies to state the APR of loans when they advertise a rate.
Simple Interest A formula based on the principal, interest rate, and length of time of a loan.
Customer Loyalty The continued and regular patronage of a business even when there are other places to purchase the same or similar products.
Created by: mrstephens