Ch. 1 Key Terms- Intro to Personal Finance

Question 1

An obligation of repayment owed by one party (borrower) to a second party (lender) is

Accepted Answer

Debt

Question 2

A person or organization that uses a product or service is known as a

Accepted Answer

Consumer

Question 3

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

Accepted Answer

Credit

Question 4

I'm frugal when it comes to money.

Accepted Answer

Kinda, What is friggin frugal?, No, Yes

Question 5

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

Accepted Answer

Interest

Question 6

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

Accepted Answer

Financial Literacy

Question 7

Debt evidenced by a "note," and specifies principal amount, interest rate, & date of repayment

Accepted Answer

Loan

Question 8

A system by which goods and services are produced and distributed.

Accepted Answer

Economy

Question 9

Decisions/activities of an individual regarding their money (spending, saving) is known as

Accepted Answer

Personal Finance

Questions 9