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Intro to Business Chapter 25

intro to business
STUDY
PLAY
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.