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Personal Finance 3

vocabulary review

TermDefinition
Commission Pay based on a percentage of sales
common stock a class of stock where the person who owns the stock shares directly in the success or failure of the business
compound interest interest paid on the original principal plus the accumulated interest
consumer a customer who buys the products or services a business produces
Consumer Price Index (CPI) a special average of many prices of goods and services that people often buy; the CPI is calculated by the US Department of Commerce
convertible bond a bond that can be exchanged for common stock at maturity
cooperative a type of corporation, like a credit union, that is owned by the people who use its services
corporate bond an IOU issued by a corporation in order to borrow money
corporation a business that is owned by stockholders and has rights and responsibilities just like a person
credit the privilege of borrowing something now with the agreement to pay for it later
credit bureau a for-profit company that is in the business of accumulating, storing, and distributing credit information
credit card a card that allows you to buy items on credit and pay off your debt over time
credit history a record of your credit performance
credit limit the amount of credit you are authorized to use
credit report a written report issued by a credit bureau that contains relevant information about a person's creditworthiness
credit scoring system a statistical system used to rate credit applicants according to various characteristics relevant to creditworthiness
credit union a democratically owned and controlled not-for-profit financial cooperative that offers a variety of savings and lending services to members
creditor any person to whom one owes money or goods
creditworthiness past and future ability to repay debts
debit card a plastic card that consumers may use to make purchases, withdrawals, or other types of electronic fund transfers
debt money owed
debt balance amount still owed on a debt
debt collector a person or company hired by a creditor to collect the balance due on overdue accounts
debt load the amount of outstanding debt at a particular point in time
debtor one who owes money to another
Created by: SusieQ60