Chapter 1 Quiz

A fee paid by a borrower to the lender for the use of borrowed money

The knowledge and skillset necessary to be an informed consumer and manage finances effectively

The granting of a loan and the creation of a debt; any form of deferred payment

A debt evidenced by a “note,” which specifies the principal amount, interest rate and date of repayment

A person or organization that buys/uses goods or services

A system by which goods and services are produced and distributed

An obligation of repayment owed by one party (debtor/borrower) to a second party (creditor/lender)

All of the decisions and activities of an individual or family regarding their money including spending saving budgeting