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

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  • 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

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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

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