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Credit Management

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