Money Matters Chp 7 Buying Decisions
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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| line of credit | A preapproved loan amount that a debtor can borrow as needed with no collateral
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| service credit | The ability to receive services and pay for them later
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| variable interest rate | An interest rate that goes up and down with inflation and other economic conditions
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| credit | The ability to borrow money and pay it back later
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| penalty | A fee charged for violating a term of the credit agreement
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| financial responsibility | Being able to meet your financial goals through planned earning, spending, and saving
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| cash advance | Money borrowed against your credit card account
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| revolving credit | An account on which the account holder can charge repeatedly up to a maximum limit
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| systematic decision making | The process of including choices that reflect goals by considering all of the pros and cons along with the cost
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| store account | A credit account that allows you to charge items or services only at that store or with that merchan
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| fixed interest rate | An interest rate that is set and does not change from month to month
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| grace period | The amount of time you have to pay your credit card balance in full to avoid paying interest
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| criteria | Standards or rules by which something is judged
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| installment credit | Credit used to finance the purchase of a single high-priced item through a series of equal payments made over a set period of time
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| consumer loan | A direct loan of cash made to a consumer at a fixed interest rate for a set period of time
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| spending limit | The maximum amount you are willing to spend for an item
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| collateral | Property that can be used as security for a loan
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| rebate | A refund of part of the purchase price of an item
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| extended warranty | Additional coverage that you can buy to pay for repairs or replacements needed beyond the original warranty period
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| balance transfer | Moving a balance from one credit card account to another
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| charge card | A form of credit card in which the cardholder must pay the balance in full by the due date
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| minimum payment | The amount you are required to pay each month on a credit account
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| debt | Money that must be repaid
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Created by:
mrstephens
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