Like this study set? Create a free account to save it.

Sign up for an account

Already have a Quizlet account? .

Create an account


an arrangement to receive cash, goods, or services now and pay for them in the future

Consumer Credit

is the use of credit for personal needs


an entity that lends money

Close-end Credit

is credit as a one-time loan that you will pay back over a specified period of time in payments of equal amounts

Open-end Credit

is credit as a loan with a certain limit on the amount of money you can borrow for a variety of goods and services

Line of Credit

is the maximum amount of money a creditor will allow a credit user to borrow

Grace Period

a time period during which no finance charges will be added to your account

Finance Charge

is the total dollar amount you pay to use credit

Net Income

is the income you receive. ( take-home pay, allowance, gifts, and interest)

Annual Percentage Rate (APR)

is the cost of credit on a yearly basis, expressed as a percentage


is a form of security to help guarantee that hte creditor will be repaid

Simple Interest

is the interest computed only on the principal, the amount that you borrow

Minimum Monthly Payment

is the smallest amount you can pay and remain a borrower in good standing

Credit Rating

is a measure of a person's ability and willingness to make credit payments on time


that you agree to be responsible for the loan payments if the other person fails to make them


is a legal process in which some or all of the assets of a debtor are distributed among the creditors because the debtor is unable to pay his or her debts

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions and try again


Reload the page to try again!


Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

Voice Recording