Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

econ > credit > Flashcards

credit Flashcards

1
Q

supplying of money, goods, or services in the present with the promise of future payment

A

credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

everyday purchases (personal)

A

consumer credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

money that businesses borrow from a bank

A

commercial credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

types of credit cards

A

retail
bank
visa/ mastercard
travel/ entertainment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

temporarily expands your income

A

credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

has to be determined by a court of law

some debts will be forgiven

A

bankruptcy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

misinterpreting the truth

A

fraud

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

to take back money

vehicles are #1 thing

A

repossess

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

dollar amount you’re allowed to spend up to

A

line of credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

IRS or bank takes money out of your paycheck bc you haven’t paid it on your own

A

garnishment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

principle amount (amount you borrowed)

A

finance charge

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

30 days where you won’t have interest

A

grace period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

make x amount of payment

A

installment credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

range 300-850 (higher the better)
good> 660 or above
below 620> bad credit

A

credit score

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

factors of credit score

A

payment history
how much you currently owe
credit history
applying for too much credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

higher score&raquo_space;>

A

lower interest rate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

cash put down for a purchase

houses 10-20%

A

down payment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

4 Cs of credit

A

capacity
capital
character
collateral

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

protects you from financial loss

A

insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

contract you sign w insurance agents and companies

A

policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

payment to your insurance company

A

premium

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

has to have value to you

A

insurance interest

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

process where you receive financial compensation for your loss

A

idemdification

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

paperwork you start w your insurance company to start your idemdification process

A

filing a claim

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

trustworthy

A

liability

26
Q

insurance types

A 
car
health
house
life 
flood
27
Q

helps protect you from big medical bills

A

health insurance

28
Q

liability protection, structure of home, contents of home

A

home insurance

29
Q 
term (buy on yearly basis)
whole life (can insure more money)
A

life insurance

30
Q

protects contents of apartment you live in

A

renters insurance

31
Q

what must you have to drive legally in PA

A

liability

32
Q

when you are at fault, car insurance pays for the other persons damages

A 
liability
medical coverage 
collision coverage
comprehensive coverage
uninsured motorist coverage
underinsured
33
Q

pays for your own body

A

medical coverage

34
Q

protects your car when you’re at fault
optional
has a deductible

A

collision coverage

35
Q

protects car from acts of nature and vandalism

has deductible

A

comprehensive coverage

36
Q

someone hits you who doesn’t have insurance

A

uninsured motorist coverage

37
Q

protects you when someone hits you who doesn’t have enough insurance

A

underinsured

38
Q

contract between you and the landlord

A

lease

39
Q

renter of home

A

tenant

40
Q

owner of home

A

landlord

41
Q

amount paid before you ever move in

given back to you when you move out as long as nothing is damaged

A

security deposit

42
Q

are you allowed to let someone else fill in lease if you need to move out suddenly

A

sublet

43
Q

get kicked out for not paying

A

evict

44
Q

look for anything that could potentially be an issue

A

efficiency

45
Q

advantages of apartment

A 
cheaper than home
can call landlord to fix items broken in home
landlord plows/ mows 
less permanent than house
no property tax
46
Q

disadvantages of apartment

A

more money per month depending on city

47
Q

not building equity
tied to a contract
no pets
neighbors close

A

disadvantages of apartment

48
Q

will not change until it’s paid off

A

fixed rate

49
Q

interest rate could change on a monthly basis

A

flexible

50
Q

what 3 items should you have to get monthly dollar amount

A

total price being borrowed from bank
interest rate
how many years in order to pay it back

51
Q

restructuring your loan

A

refinance

52
Q

how much your house is worth

A

appraisal

53
Q

plays big role on appraisal of house

A

location

54
Q

ownership papers of a house

A

deed

55
Q

pay taxes monthly rather than yearly

A

escrow

56
Q

bank wants money and house back

A

foreclosure

57
Q

advantages of house

A

build equity
can change appearance
pets

58
Q

disadvantages of house

A

expensive
property taxes
landscaping
less mobile

59
Q

3-5 years

A

car loan

60
Q

value goes down in value over time

A

deprecation

econ (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions