Personal Finance Ch 1 Vocab

A Person or organization that uses a product or service

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

A debt evidenced by a "note," which specifies the principal amount

An obligation of repayment owed by one party

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

A fee paid by a borrower

All of the decision and activities of an individual/family regarding money

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