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Business Finance
Ch 7 Charge Accounts and Credit Cards
| Term | Definition |
|---|---|
| credit card | a card authorizing purchases on credit |
| charge account | an existing line of credit at the business that issued it |
| account statement | a bank statement that shows the status of your account, including all deposits to, withdrawals from, and interest earned and credited t your account |
| finance charge | interest charged by a credit card or charge account company for not paying the total amount owed by the due date |
| unpaid-balance method | computing the finance charge on a credit account based on the portion of the previous monthly balance you have not paid |
| average-daily-balance method | computing the finance charge on a credit account based on the average balance at the end of each day of the billing period |
| acquire | buy or obtain (an asset or object) for oneself |
| compute | calculate or reckon (a figure or amount) |
| fee | a payment made to a professional person or to a professional or public body in exchange for advice or services |
Created by:
winninghamp
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