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Vocabulary 10 Business Terms Flashcards | StudBud
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Vocabulary 10 Business Terms
Vocabulary 10 Business Terms
10 terms
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Business Terms
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
legal responsibility to pay for damages or losses one has caused (insurance claim).
Pension Fund
Principal
Liability
Deductible
2
A set amount an insured person must pay per loss before the insurance company will pay a claim
Principal
Deductible
Liability
Finance Charge
3
The lowest amount that a borrower must pay toward a credit balance each month to avoid penalty
Average Daily Balance Method
Finance Charge
Minimum Payment
Principal
4
An original amount of money invested or lent
Finance Charge
Net Income
Principal
Gross Income
5
Money earned after taxes; take home pay
Finance Charge
Net Income
Gross Income
Principal
6
Account established by a business to fund retirement benefits for its workers
Liability Account
Certificate of Deposit
Checking Account
Pension Fund
7
Method of calculating finance charges based on average amount owed each day the billing cycle
Average Daily Balance Method
Net Income
Minimum Payment Method
Finance Charge Method
8
The total cost of credit, including interest and transaction fees
Deductible
Pension Fund
Finance Charge
Principal
9
A total amount of money earned before taxes and other deductions are withheld
Deductible
Gross Income
Minimum Payment
Net Income
10
Certificate issued by a bank to a person depositing money in an account for a period of time
Minimum Payment Method
Certificate of Deposit
Finance Charge Method
Average Daily Balance Method
