Finance Page 10 Vocabulary

Question 1

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

Accepted Answer

credit

Question 2

A debt evidenced by a "note" which specifies the principal amount interest rate & date of repay

Accepted Answer

Loan

Question 3

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

Accepted Answer

Financial Literacy

Question 4

All of the decisions regarding money, including spending, saving, budgeting.

Accepted Answer

Personal Finance

Question 5

An obligation of repayment owned one person to another; (original loan plus interest)

Accepted Answer

Debt

Question 6

A person or organization that uses a product of service

Accepted Answer

Consumer

Question 7

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

Accepted Answer

Economy

Question 8

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

Accepted Answer

Interest

Questions 8