Argylls8JB
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 | 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 variety of goods
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| Line of credit | maximum amount of money a creditor will allow a credit user to borrow
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| Name four types of Loans | Inexpensive Loans, Medium-Priced Loans, Expensive Loans, and Home Equity Loans
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| Grace period | time period during which no finance charges will be added to your account
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| Finance charge | total dollar amount you pay to use credit
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| Name three types of credit cards | Debit card, Cobranding, Smart cards
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| Net income | income you receive (take-home pay, allowance, gifts & interest)
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| (APR) | 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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| credit rating | measured of a person's ability and willingness to make credit payments on time.
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| Cosigning | a loan means that you agree to be responsible for the loan payments if the other person fails to make them
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| Bankruptcy | a legal process in which some or all of the assets of a debtor are distributed among the creditors
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| Variable Interest Rate | based on changing rates in the banking system
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| Shorter Term | shorter the period of time for which you borrow, smaller the chance you will prevent from repaying your loan
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| minimum monthly payment | the smallest amount you can pay and remain a borrower in good standing
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Created by:
rustytoiletpaper
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