Argylls 8 CLW
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| credit | the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
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| consumer credit | use of credit for personal needs.
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| creditor | a person or company to whom money is owed
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| closed-end credit | type of credit that should be repaid in full amount by the end of the term, by a specified date.
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| open-end credit | A pre-approved loan between a financial institution and borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments coming due.
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| line of credit | an amount of credit extended to a borrower.
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| grace period | a time period during which no finance charges will be added to your account.
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| finance charge | is any fee representing the cost of credit, or the cost of borrowing.
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| net income | is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
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| annual percentage rate | The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents the actual yearly cost of funds over the term of a loan.
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| collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default.0.
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| simple interest | A quick method of calculating the interest charge on a loan.
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| minimum monthly payment | The smallest amount of a credit card bill that a consumer can pay, to remain in good standing with the credit card company.
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| credit rating | an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings.
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| cosigning | The act of signing for another person's debt which involves a legal obligation made by the cosigner to make payment on the other person's debt should that person default.
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| bankruptcy | the state of being bankrupt.
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| finance | the management of large amounts of money, especially by governments or large companies.
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| title | a name that describes someone's position or job.
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| portion | a part of a whole; an amount, section, or piece of something.
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| pledged | give as security on a loan.
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| promptly | with little or no delay; immediately.
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| impostors | a person who pretends to be someone else in order to deceive others, especially for fraudulent gain.
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| repossess | retake possession of (something) when a buyer defaults on payments.
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| confidential | entrusted with private or restricted information.
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