argylls nsk chapter 8
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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| creditor | a financial individual.
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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 | the maximum amount of money a creditor will allow a credit user to borrow
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| grace period | time period during which no finance charges will be added to your account.
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| net income | the income you get.
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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 creditors will be repaid.
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| simple interest | the interest computed only on the principal
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| minimum monthly payment | is a small amount you can pay and remain a borrower In good standing
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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 | mean that you will 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 because the debtor is unable to pay there payments
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| cccs- consumer credit counseling | a nonprofit organization
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| impostor | someone acting like someone else.
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| promptly | on time
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| closed-end-credit | a one time loan that you will pay back over a peridd of time.
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| three types of cards | smart cards, debit card,cobranding
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| two types of loans | inexpensive and medium-priced
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| finance charge | the total dollar amount you pay to use credit
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