F&cscience

Question 0

Credit

Answer 0

The granting of a loan and the creation of debt; any form of deferred payment

Question 1

Consumer

Answer 1

A person or organization that uses a product or service

Question 2

Debt

Answer 2

An obligation of repayment owned by one party ( the debtor/borrower) to a second party ( the creditor/lender); in most cases this includes repayment of the original loan amount plus interest.

Question 3

Economy

Answer 3

A system by which goods and services are produced and distributed.

Question 4

Financial Literacy

Answer 4

The knowledge and skillset necessary to be an informed consumer and manage finances effectively.

Question 5

Interest

Answer 5

A fee paid by a borrower to the lender for the use of borrowed money; typically interest is calculated as a percentage of the principal ( original loan amount).

Question 6

Loan

Answer 6

A debt evidence by a “note,” which specifies the principal amount, interest rate and date of repayment.

Question 7

Personal finance

Answer 7

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, ect.