Personal Finance Chapter 1 Vocabulary
Terms in this set (8)
A person or organization that uses a product or services.
The granting of a loan and the creation of debt; any form of deferred payment.
An obligation of repayment owed by one party (the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment of the original loan amount plus interest.
A system by which goods and services are produced and distributed.
The knowledge and skill set necessary to be an informed consumer and manage finances effectively.
A fee paid by a borrower to the lender for the use of borrowed money; typically interest is calculated as a percentage of the principal (original loan amount).
A debt evidenced buy a "note," which specifies the principal amount, interest rate and date of repayment.
All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.
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