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AR Unit 2

Arkansas Intro to Finance Unit 2

QuestionAnswer
Annual percentage rate (APR) the cost of credit expressed as a yearly percentage
Bankruptcy a legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay
Capacity the ability to repay a loan with present income
Capital property possessed that is worth more than debts owed
Character a responsible attitude toward living up to agreements
Closed-ended credit a loan for a specific amount that must be repaid in full, including all finance charges, by a stated due date
Collateral property pledged to a creditor to assure repayment of a loan
Comparison shopping a shopping method that enables consumers to determine whether they are getting the best quality for the price
Consumer advocate a person who actively promotes consumer causes
Co-signer a person who promises in writing to repay a promissory note if the maker fails to pay
Credit money borrowed to buy something now with an agreement to pay for it later
Credit bureau a company that gathers, stores, and sells credit information to business subscribers
Credit history the complete record of your borrowing and repayment performance
Credit rating a measure of credit-worthiness based on an analysis of a consumer's financial history
Credit report a written statement of a consumer's credit history issued by a credit bureau to its business subscribers
Debtor a person who owes money to others
Discharged debts debts erased by the court during bankruptcy proceedings
Discrimination treating people differently based on prejudice rather than individual merit
Down payment a part of the purchase price paid in cash up front, reducing the amount of a loan
Finance charge the total dollar amount of all interest and fees you pay for the use of credit
Finance companies small loan companies that usually charge high interest rates
Fixed-rate loans loans for which the interest rate does not change (up or down) over the life of the loan
Fraud the intentional misrepresentation of information with the intent to deceive or mislead
Garnishment a legal process that allows part of your paycheck to be withheld for payment of a debt
Interest rate the percentage charged for the use of money
Line of credit a pre-established amount that can be borrowed on demand with no collateral
Needs ingredients necessary for maintaining physical life
Open-ended credit an agreement to lend the borrower an amount up to a stated limit and to allow borrowing up to that limit again whenever the balance falls below the limit
Opportunity cost the value of your next best alternative whenever you make a choice
Prime rate the interest rate lenders offer to their best business customers
Principal the amount borrowed, or the unpaid portion of the amount borrowed, on which the borrower pays interest
Service credit an agreement to have a service performed now and pay for it later
Simple interest interest computed on the amount borrowed only without compounding
Statement an itemized bill showing charges, credit, and payments posted to your account during the billing period
Time the length of time the borrower will take to repay a loan; expressed as a fraction of a year
20/10 rule your total borrowing should not exceed 20 percent of your yearly take-home pay, and you should not take on monthly payments that total more than 10 percent of your monthly take-home pay
Unsecured debt a loan that is not backed by pledged assets
Unused credit the remaining credit available to you; calculated as your credit limit minus the amount you have already spent
Values the ideals in life that are important to you and affect your decision making
Created by: karenhaley
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