POB 5.01 Ch. 18 Terms (Part 1)

Shows the name of the store. Can only be used in a particular store or chain.

Requires a customer to make fixed payments over several months.

Another person responsible for payment of a debt.

Specific company card issued and affiliated with bank card companies.

Credit from a written contract granting a certain amount of money.

Requires the buyer to make full payment within a stated period.

Use of charge acccounts by consumers.

Card that you put money onto to spend. Multipurpose. (ex. Visa)

Over buying, higher prices, careless buying, and overuse of credit.

Paying money to pay off a loan over a period of time.

A debtors reputation for paying bills on time.

Maximum amount that can be owed at one time.

Written promise to repay based on debtors credit history.

An initial payment, part of the purchase price.

Not given a spending limit, expected to pay back full balance monthly. (ex. American Express)

The total amount of credit including interest and all other charges

The privelage of using someone else's money for a period of time.

Convenience, savings, immediate possession, credit rating, and useful for emergencies.

Property used as security for a debt.

Where you agree to make monthly payments in specific amounts over a period of time.

When a company receives goods from a supplier and pays for them later.

To take back an item.

Where you do not pay anything until the end of the loan.

Most popular form of sales account.