100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
16,17,18, 19- financial literacy Questions and Answers Graded A+ $17.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Foolproof
  4.  
  5. Foolproof

Exam (elaborations)

16,17,18, 19- financial literacy Questions and Answers Graded A+
 8 views  0 purchase
  • Course
  • Foolproof
  • Institution
  • Foolproof

16,17,18, 19- financial literacy Questions and Answers Graded A+ Credit the use of someone else's money, borrowed now with the agreement to pay it back later debtor a person who borrows money from others (This money, called debt, and must be repaid.) creditor a person or business ...

[Show more]

Preview 2 out of 10  pages

Document information

  • September 11, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy questions and ans
  • credit the use of someone elses money borrowed n
  • advantages of credit purchasing power emergency fu
  • closed end credit loan for a specific amount that

Written for

  • Foolproof
  • Foolproof

Seller

avatar-seller
julianah420

Reviews received

Content preview

16,17,18, 19- financial literacy Questions
and Answers Graded A+

Credit - answer the use of someone else's money, borrowed now with the agreement to
pay it back later

debtor - answer a person who borrows money from others (This money, called debt,
and must be repaid.)

creditor - answer a person or business that loans money to others

Income
Financial position
Collateral - answer Qualifying for Credit:

true - answer When your earnings exceed your expenses, you have the capacity to take
on debt

Job
Interest
Dividends
Alimony
Royalties - answer Sources of income include:

Capital - answer the value of property you possess (such as bank accounts,
investments, real estate, and other assets) after deducting your debts.
(tells the creditor that you have accumulated assets, which indicates responsibility)

Collateral - answer property pledged to assure repayment of a loan.

balance due. - answer The principal (amount borrowed) plus interest for the time you
have the loan.

finance charge - answer total dollar amount of all interest and fees you pay for the use
of credit.

Advantages of credit - answer Purchasing power
Emergency funds
Convenience
Deferred billing
Proof of purchase

, Safety

Disadvantages of credit - answer Higher costs
Finance charges
Tie up income
Overspending

Open-end credit - answer where a borrower can use credit up to a stated limit

annual percentage rate (APR) - answer the cost of credit expressed as a yearly
percentage.

grace period - answer a timeframe within which you may pay your current balance in full
and incur no interest charges.

Closed-end credit - answer loan for a specific amount that must be repaid in full,
including all finance charges, by a stated due date.
(aka installment credit)
Does not allow continuous borrowing or varying payment amounts
Often used to pay for very expensive items, such as cars, furniture, or major appliances

Service credit - answer involves providing a service for which you will pay later

Sources of Credit - answer Retail stores
Credit card companies
Banks and credit unions
Finance companies
Pawnbrokers
Private lenders

trues - answer Store credit customers often receive discounts, advance notice of sales,
and other privileges not offered to cash customers or to customers using bank credit
cards.

finance company - answer an organization that makes high-risk consumer loans

Loan sharks - answerunlicensed lenders who charge illegally high interest rates.

usury law - answera state law that sets a maximum interest rate that may be charged
for consumer loans.

pawnbroker (or pawnshop) - answera legal business that makes high-interest loans
based on the value of personal possessions pledged as collateral

private lenders - answerparents, relatives, friends

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

79271 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$17.99
  • (0)
  Add to cart