Argylls 8 CJS
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 | an arrangement to receive cash, goods or services now and pay for them in the future
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| consumer credit | use of credit for personal needs
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| creditor | an entity that lends money
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| closed-end credit | a one-time loan that you will pay the bank back over a specified period of time
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| open-end credit | a loan with a certain limit on the amount of money
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| line of credit | the maximum amount of money a creditor will allow a credit user to barrow
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| grace period | a time period where no finance charges will be added to your account
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| finance charge | the total dollar amount you pay to use credit
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| net income | the income you receive
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| annual percentage rate (APR) | the cost of credit on a yearly basis
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| collateral | a form of security to help guarantee that the creditor will be repaid
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| simple interest | the interest computed only on the principal
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| minimum monthly payment | the smallest amount you can pay
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| credit rating | a measure of a persons ability and willingness to make credit payments on time
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| cosigning | a loan that means that you agree to be responsible for the loan payments if the other person fails to do so
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| bankruptcy | is a legal process in which some or all of the assets of a debtor are distributed among the creditors
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| impostors | people who deceive others by assuming different identities and all of your personal information
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| Credit Card Act | the act passed in 2009 that established fair and clear practices for extending credit to consumers
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| Your creditor must acknowledge your letter within ___ days | 30
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| promptly | on time
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Created by:
Caciseals14
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