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Section 1 Chapter 4
Section 2 Chapter 4
Section 3 Chapter 4
Section 4 Chapter 4
Misc. Chapter 4
100
Credit
What is the receiving of funds either directly or indirectly to buy goods and services today?
100
Commercial bank
What is a bank whose main functions are to accept deposits, lend funds, and transfer funds among banks, individuals, and businesses?
100
APR
What is the cost of credit expressed as a yearly percentage?
100
Truth and Lending act
What is the law passed in 1968 that allowed the federal government to protecting borrowers from unfair practices of lending?
100
Credit Card
What is something like a charge account that allows a person to make purchases without paying cash?
200
principal
What is the amount originally borrowed
200
Savings Bank
What is a depository institution originally set up to serve small savers overseen by commercial banks?
200
Credit Bureau
What is the organization that provides credit checks and a credit rating by examining you as a person?
200
The Equal credit opportunity act
What is the 1974 act passed by congress, forbidding discrimination when applying for credit from a lender?
200
Savings and Loan association
What is a depository institution that accepts and lends funds
300
Interest
What is the amount the borrower must pay for the use of someone else's funds?
300
Credit Union
What is a bank that performs all the functions of a commercial bank, but is member owned?
300
Collateral
What is something that depicts and is worth some sort of personal wealth or capital. Used as.....for loans.
300
finance charge
What is the cost of credit expressed in dollars and cents called?
300
Past due balance
What is the balance not paid during the grace period on a credit statement
400
Installment Debt "Aka dish washer problems"
What is A loan that consumers repay with equal payments or installments or periods. For example 36 equal payments over 36 months.
400
finance company
What is a loan organization that provides credit to those with none or very poor credit?
400
secured loan
What is a loan that is backed up by collateral?
400
Bankruptcy
What is it called when you can not pay back your loans anymore?
400
Payment increases and interests/total amount owed will decrease as well.
What will happen if you pay off your loan earlier than the given term of the loan?
500
Mortgage
What is an installment debt that is loaned on properties, houses, or buildings.
500
Charge account
What is credit extended to a consumer, allowing the consumer to buy goods or services from a particular company and to pay for them later?
500
unsecured loan
What is a loan guaranteed only by a promise to repay it?
500
State usury laws
What is A state regulated law that sets up different maximum interest rates on charge and credit cards?
500
Secured loan/secured credit card
What is a loan that has some sort of collateral or deposit in case the borrower cannot pay back the money owed.