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7-8 business

TermDefinition
Systematic decision making process of making choices that reflect goals by considering the pros and cons.
financial responsibility plan earnings, spendings and savings so one meets their financial goal.
financial irresponsiblity failing to live up to the financial goals and needs.
buying plan organized method for making good buying decisions.
rebate refund of part of the purchase price for an item
extended warranty additional coverage available to buy for repairs and or replacements
credit ability to borrow money and pay it bakc later
revolving credit allows the credit holder to charge the account repeatedly up to a max limit
consumer loan direct loan of cash made to a consumer at a fixed interest rate for a set time
installment credit type of consumer loans used to finance the purchase of a single high priced item.
collateral property that can be ued as security for a loan.
line of credit pre approved loan amounts that a debtor can borrow as needed with no collateral.
fixed interest rate is set and does not change
a variable interest rate goes up and down with inflation
grace period amount of time have to pay the current credit card balance in full to avoid paying interest.
billing cycle period of time between billings during which purchases, payments, fees, and interests are posted to the acc.
security deposit refundable amount paid to cover possible damages to property caused by a tenant
logistics act of making a plan and carrying it out to ensure that an event takes place.
contract legally binding agreement that specifies the right and duties of each party to the agreement.
lease a written agreement that allows a tenant to use property for a set period and rent payment. lasts six months
rental agreement written contract that allows you to leave any time as long as you give the landlor required notice.
property manager lives off site and is hired to take care of the rental property
long term debt loans that are payable over a year
amortization process of dividing up debt obligation plus interest into equal monthly payments.
down payment cash deposit toward the purchase price that is paid up front.
conventional loan where largedownpayments, usually 10-30% purhase price) and pays the balance in equal monthly payments.
FHA Loan goverment sponsered loan that allows for a smaller down payment, but requires a monthly mortgage as well as interest.
Rent to own agreement portian of the renters monthly payment is applied towards the purchase price.
debt repayment plan strategy for paying off debt in a way that reduces the total interest paid.
balloon payment large lump sum payment that must be paid at a set time.
pre paid penalty fee charged if u repay a loan before the agreed upon time
credit management establishing an individual plan for using credit wisely
20/10 rule plan to limit the use of credit no more then 20 percent of ur yearlytake home pay. with payments no more then 10 percent of monthly take home pay.
predator lending unfair deceptive loan practices
loan shark people who offer illegal loans at very high interest rates.
easy access credit type of credits that can be obtained quickly but comes with high or hidden fees.
payday lloan cash advance from your next paycheck.
advancefee loan a lown that includes a large fee up front.
Created by: Marsinajar
 

 



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