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intro to business

Credit

An agreement to get money, goods, or services now in exchange for a promise to pay in the future.

Charge account

Credit provided by a store or company for customers to buy its products.

Creditor

Is a person who lends money or provides credit

Revolving account

A form of credit which allows one to borrow or charge up a certain amount of money and pay back a part of the total each month.

Debtor

One who borrows money or uses credit.

Consumer Credit

Credit used by individuals for personal reasons

Installment Loans

Loans repaid in regular payments over a period of time.

Interest

A fee charged for the use of money.

Commercial Credit

Credit used by business

Credit Rating

A measure of a person's ability and willingness to pay debts on time.

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