Argylls 8 credit- ME
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, and services now and pay for them in the future
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| Consumer Credit | the use of credit for personal needs; also an indicator of consumer spending and demand
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| Creditor | an entity that lends money
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| Closed-end Credit | credit as 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 money a creditor will allow a credit user to borrow
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| Loan | borrowed money with an agreement to repay it with interest within a certain amount of time
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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 | the total dollar amount you pay to use credit
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| Net Income | the income you receive; take-home pay, allowance, gifts, and interest
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| Annual Percentage Rate (APR) | the cost of credit on a yearly basis, expressed as a percentage
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| Collateral | form of security to help guarantee that the creditor will be repaid
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| Simple Interest | interest computed only on the principal, the amount that you borrow
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| Minimum Monthly Payment | the smallest amount you can pay and remain a borrower in good standing
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| Credit Rating | credit rating measure of a person's ability and willingness to make credit payments on time
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| Cosigning | an agreement to be responsible for the loan payments if the other person fails to make them
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| Bankruptcy | legal process in which some or all of the assets of a debtor are distributed among the creditors because the debtor was unable to pay his or her debts
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| Five C's of Credit | character, capacity, capital, collateral, and conditions
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| Credit Sources (5) | commercial banks, consumer finance companies, credit unions, life insurance companies, federal savings banks(savings and loan associations)
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| How much is the maximum amount of money you have to pay if someone uses your card illegally with the Consumer Credit Protection Act? | $50
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maddievans11
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