Vocab 29
Credit
Vocab 30
Accounts
Loans
100
The person who buys on credit or receives loans
What is a debtor
100
Name 2 types of credit
What is loan credit, sales credit, or trade credit
100
The additional payment on using credit
What is finance charge
100
The seller expects payment within a specific period of time
What is regular account
100
Monthly payments on an item
What is installment loan
200
The creditor believes that the debtor will honor promise to pay later for goods and or services
What is trust
200
Name 3 of the 5 benefits of credit
What is convenience, immediate possession, savings, credit rating, and usefulness for emergency
200
The payment at purchase time
What is down payment
200
payments of certain fixed amount be made over several months
What is budget account
200
You don't pay untill end of contract
What is single payment loan
300
If you buy on credit and pay bills on time, you gain a reputation for being dependable
What is a credit rating
300
Name 2 of the 4 precautions of credit
What is overbuying, careless buying, higher prises, overuse of credit
300
A written promise
What is promissory note
300
Parts of debt that must be paid each month
What is revolving accounts
300
The right to sell property to repay the loan
What is secured loan
400
Out of the 3 C's, this one refers to your honesty
What is character
400
Credit card issuers lure customers
What is by special offers, interest rates, fees, frequent-flyer miles, discounts, and rebates
400
The person responsible for payment if the debtor can not pay the bill
What is the cosigner
400
A limited account and generally a guardian mus agree to pay balance if teen does not
What is teen charge account
400
It is made at the time of the purchase of installment
What is downpayment
500
The person or business that can help verify your credit record
What is credit reference
500
You should ask yourself questions before buying
What is the questions; how does using credit benefit me, should I shop around more, would I save if I used cash?
500
The property used as security
What is collateral
500
a contract between the firm offering it and the customer
What is charge accounts
500
KWYS stands for
What is know what your signing
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