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Personal Finance > Vocab 3 > Flashcards

Vocab 3 Flashcards

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1
Q

Annual fee

A

Yearly fee charged by credit card company for convenience of card

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2
Q

Depreciation

A

Decline in value of a property

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3
Q

Net income

A

Income recieved from take him pay
Allowance
Gifts
Interests

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4
Q

Cosigning

A

Agreeing to take responsibility for loan payments of the other person fails to make them

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5
Q

Diners club

A

First credit card company

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6
Q

Consumer credit

A

Use of credit for personal needs

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7
Q

Finance

A

Give or get money for

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8
Q

Title

A

Document showing ownership

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9
Q

Portion

A

Part

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10
Q

Pledged

A

Promised

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11
Q

Consolidation

A

Combine

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12
Q

Bankruptcy

A

Legal process in which some or all of assets of a debtor are distributed amount creditors because debtor is unable to or his or her debts

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13
Q

Credit card

A

Tool used to finance a purchase

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14
Q

Closed end credit

A

Credit as a one time loan that is paid back over a specified period of time in payments of equal amounts

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15
Q

Finance charge

A

Total dollar amount paid to use credit

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16
Q

Lottery

A

Poor mans tax

17
Q

Credit

A

Arrangement to recieve cash goods or services now and pay for them in the future

18
Q

Grace period

A

Time period during which no finance charges will be added to account

19
Q

APR

A

Cost of credit on yearly basis expressed as a percentage

20
Q

MMD

A

Smallest amount one can pay and remain a borrower

21
Q

Credit report

A

Report showing payment history

22
Q

Open end credits

A

a pre-approved loan between a financial institution and borrower that may be used repeatedly up to a certain limit and can subsequently be paid back prior to payments due date

23
Q

Simple interest

A

Computed only interest on the principle

24
Q

Devt snowball

A

Method of paying off debt smallest to largest

25
Q

Introductory rate

A

Interest rate charged to a customer during early stages of a loan rate often goes up after a specified period of time

26
Q

Loan term

A

Time frame that a loan agreement is in force and before or at end of which the time loan should either be repaid or renegotiated for another term

27
Q

Tax deduction

A

Expense a taxpayer is allowed to debut from taxable income

28
Q

Creditor

A

Eminity that lends money

29
Q

Credit score

A

Measur of a persons ability to make credit payments on time

Personal Finance (6 decks)

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