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Intro to Business Chapter 25

intro to business
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.
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.
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.
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.