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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.
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Term
Definition
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.  
consumer credit   the use of credit for personal needs  
creditor   a person or company to whom money is owed  
closed-end credit   a one-time loan that you will pay back over a specified period of time in payments of equal amounts  
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  
line of credit   maximum amount of credit a creditor will allow a credit user can use  
grace period   a time period during which no finance charges will be added to your account  
finance charge   any fee representing the cost of credit, or the cost of borrowing  
net income   is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.  
annual percentage rate (APR)   cost of credit on a yearly basis, expressed as a percentage  
collateral   something pledged as security for repayment of a loan, to be forfeited in the event of a default  
simple interest   determined by multiplying the interest rate by the principal by the number of periods.  
minimum monthly payment   is the lowest amount of money that you are required to pay on your credit card statement each month  
credit rating   an estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings.  
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  
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  
finance   the management of large amounts of money, especially by governments or large companies  
portion   divide (something) into shares to be distributed among two or more people  
pledged   commit (a person or organization) by a solemn promise  
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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Created by: Bkmiller101