Argylls 8 HLH
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, services now and pay for them now and pay for them in the future.
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| Creditor | An entity that lends money.
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| Closed-end credit | Credit as a on e-time loan that you will pay back over a specified period of time in payments of equal amounts.
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| line of credit | the maximum amount of money a creditor will allow a credit user borrow.
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| What are four kinds of loans? | Inexpensive, medium-priced, expensive, and home equity loans.
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| finance charge | the total dollar amount you pay to use credit.
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| grace period | a time during which no finance charges will be added to your account.
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| What are three kinds of credit cards? | Debit card, cobranding, and smart card.
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| APR | Annual Percentage Rate
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| net income | the income you receive
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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, the amount that you borrow.
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| credit rating | a measure of a person's ability and willingness to make credit payments on time.
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| cosigning | loan means that you agree to be responsible for the loan payments if the other person fails to do so.
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| bankruptcy | a legal process in which some or all of the assets of the debtor are distributed among the creditors.
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| minimum monthly payment | the smallest amount you can pay and remain a borrower in good standing.
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| what are the five Cs of credit. | character, capacity, capital, collateral, and conditions.
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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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| What is an advantage of credit? | Lets you enjoy goods and services now and pay for them later.
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| What is a disadvantage of credit? | Credit is a temptation to buy more than you can afford.
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