Vocabulary
Lesson 1
Lesson 2
Lesson 3
Lesson 4
100
They provide loans for buying a home or other real estate.
What is a mortgage company?
100
These businesses sell services such as checking accounts, saving accounts, loans....in order to earn a profit.
What is a bank?
100
Bank identification code and drawer's account number.
What are the numbers at the bottom of a check?
100
Anyone who buys credit or receives a loan.
What is a debtor?
100
Interest = Principal x Rate x Time
What is the Simple Interest Formula?
200
Protects depositors money in case of a bank failure.
What is the FDIC or Federal Deposit Insurance Corporation?
200
This type of company specialize in offering savings accounts and making loans for home mortgages.
What is a Savings & Loan Associate?
200
Auto loans, home mortgages, business loans are an example of this.
What are lending services?
200
The privilege of using someone else's money.
What is credit?
200
Must be told the cost of credit before you sign a credit agreement.
What is the Truth in Lending Act?
300
The amount of a loan.
What is principal?
300
A user owned, non-profit, cooperative financial institution.
What is a Credit Union?
300
The person to whom a check is written.
Who is the Payee?
300
Character, Capacity, & Capital.
What are the 3 C's of credit?
300
The total dollar cost of credit.
What is a finance charge?
400
One who grants a loan.
What is a creditor?
400
All national banks are required to join this organization.
What is the Federal Reserve System?
400
Money is turned over to a financial institution for safekeeping and to be managed.
What are Trust Management Services?
400
When a business receives goods from a wholesaler and pays for them over a specified period of time.
What is trade credit?
400
The percentage cost of credit which is stated on a yearly basis.
What is APR or Annual Percentage Rate?
500
Use of computers & other technology to move funds electronically from one account to another.
What is electronic funds transfer?
500
These companies specialize in making loans for long-lasting goods such as cars, appliances...
What is a Consumer Finance Company?
500
A written notice from the drawer telling the bank not to pay a certain check.
What is a stop payment?
500
A business can take a 2% discount if the bill is paid in 10 days from the billing date, or pay the full amount in 30 days.
What is 2/10, n/30?
500
This act amended the Fair Credit Reporting Act & increased consumer protection against unfair adverse lending practices.
What is the Consumer Credit Reporting Reform Act?
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