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Chapter 29
Chapter 29
Chapter 30
Chapter 30
Chapter 30
100
What is the seller and receiver of credit loans?
debtor and creditor
100
What is trust?
What is the creditor believing the debtor will honor the promise to pay for goods later
100
What is a regular account?
What is seller expects payment within a specified period of time. Usually 25 or 30 days after the billing date.
100
What is a down payment?
What is a payment of part of the purchase price; usually made during the initial time of the purchase.
100
What is a secured loan?
What is the use of collateral to make sure the loan is used appropriately. If not, the collateral is sold.
200
What are the 3 types of credit?
What is loan, trade, sales.
200
What is credit?
What is the privilege of using someone else's money for a period of time.
200
What is a budget account?
What is an account that requires payments of a certain mixed amount made over several months.
200
What is an installment loan?
What is one where you agree to make monthly payments in specific amounts over a period of time.
200
What is the cosigner?
What is the person who additionally signs a note. Is responsible for coming up with the money if the account holder can't.
300
What does "2/10, n/30" mean?
What is a 2 percent discount if you pay within the first 10 days from the billing date; the full or net amount must be paid within 30 days.
300
What are credit references?
What is businesses or individuals whom you have received credit from in the past who can help verify your credit.
300
What is a revolving account?
What is an account that can purchase at any time but only part of the debt must be payed each month.
300
What is a Single-Payment Loan?
What is a loan in which you don't pay anything until the end of the month.
300
What is a bank card?
What is a card that allows you to make purchases and is directly affiliated with your bank. Most commonly, Mastercard and VISA.
400
What are the 3 C's of credit?
What is character, capital, and capacity?
400
What is a credit rating?
What is a record of your reputation for using credit appropriately.
400
What is a finance charge?
What is the additional amount one must pay for using credit, including interest and other costs such as credit insurance.
400
What is a promissory note?
What is a written promise agreeing to repay based on the debtor's excellent credit rating.
400
What is a teenage charge account?
What is an account used for teenagers that is almost like a "practice" account for teens to use in the future.
500
What are three benefits of credit?
What is convenience, immediate possession, and savings(sales). (also could have credit rating, and useful in an emergency)
500
What are the disadvantages of using credit?
What is overbuying, careless buying, higher prices, and overuse of credit.
500
What is installment sales credit?
What is a contract between the buyer and seller that requires periodic payments to be made at specified times in the agreement.
500
What is collateral?
What is the security for the debtor to make you pay him back. It is used as leverage.
500
What is a travel and entertainment card?
What is a card to be used when traveling. American Express is the most famous. It is used to buy stuff when traveling.