Upgrade to remove ads
Only $2.99/month

Chapter 4 Section 2 Key Terms

Terms in this set (9)

Commercial bank
Bank whose main functions are to accept deposits, lend money, and transfer funds among banks, individuals and businesses
Savings and loan association
Depository institution that accepts deposits and lends money
Savings bank
Depository institution originally set up to serve small savers overlooked by commercial banks
Credit union
Depository institution owned and operated by its members to provide savings accounts and low interest loans only to its members
Finance company
Company that takes over contracts for installment debts from stores and adds a fee for collecting the debt; consumer finance company makes loans directly to consumers at high rates of interest
Charge account
Credit extended to a consumer allowing the consumer to buy goods or services from a particular company and to pay for them layer
Credit card
Credit device that allows a person to make purchases at many kinds of stores, restaurants, and other businesses without paying cash
Finance charge
Cost of credit expressed monthly in dollars and cents
Annual percentage rate
Cost of credit expressed as a yearly percentage
THIS SET IS OFTEN IN FOLDERS WITH...