Argylls 8 BKM
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 | the 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 | a one-time loan that you will pay back over a specified period of time in payments of equal amounts
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| open-end credit | credit as a loan with a certain limit on the amount of money you can borrow for a variety of goods and services
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| line of credit | maximum amount of credit a creditor will allow a credit user can use
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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 | 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 (APR) | cost of credit on a yearly basis, expressed as a percentage
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| collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default
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| simple interest | determined by multiplying the interest rate by the principal by the number of periods.
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| minimum monthly payment | is the lowest amount of money that you are required to pay on your credit card statement each month
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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 | legal process in which some or all of the assets of the debtor are distributed among the creditors because the debtor is unable to make payments
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| finance | the management of large amounts of money, especially by governments or large companies
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| portion | divide (something) into shares to be distributed among two or more people
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| pledged | commit (a person or organization) by a solemn promise
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| title | is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest
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