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100
rating of risk involved in lending money to a person or business.
What is credit rating
100
you have legally declared that you can not pay off your debts owed
What is bankruptcy
100
amount the borrower must pay for the use of someone else's money.
What is interest
100
installment debt that you owe on a house or building.
What is mortgage
100
letting a consumer buy things now and pay later at a certain company
What is a charge account?
200
bank that accepts deposits, lends money, and transfers funds
What is a commercial bank
200
they accept deposits and lend funds
What is savings and loan association
200
they were orginally set up to serve smaller savers(individuals rather than businesses). commerical banks look over them
What is savings bank
200
they take over contracts for installment debts from stores and add their own fee for having to collect this debt.
What is a finance company
200
provide savings accounts and low-interest loans only to its members.
What is credit union
300
a promise that a manufacturer makes to replace a product within a certain timeframe
What is warranty
300
gathering information about products from different stores and complanies to figure out which is better to buy.
What is comparison shopping
300
you can buy goods now and pay for them later.
What is credit
300
the orignal amount that you borrowed
What is principal
300
items that will last longer than three years i.e. a washing machine
What is durable goods
400
a business that determines the risk that would be involved in leding to a specific person.
What is credit bureau
400
law that limits the amount of interest charged for credit.
What is usury law
400
money left over after taxes have been taken out of a paycheck
What is disposable income
400
an ad shows a low-priced item to attract the attention of customers, then tries to sell them a high-priced product.
What is bait and switch
400
educating buyers about their purchases and demanding safer and better products from manufacturers.
What is consumerism
500
the money left over after you have paid all bills and bought the things you need
What is discretionary income
500
acting like you know right from wrong
What is ethical behavior
500
a loan that is repaid with equal payments over a period of time.
What is installment debt
500
the monthly cost of credit in dollars and cents
What is finance charge
500
the cost of credit yearly expressed in a percentage
What is APR