Personal Finance Chp 1

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

A person or organization that uses a product or service.

An obligation of repayment owed by one party to a second part

The study of how people seek to satisfy their needs and wants

A debt evidenced by a note which specifies the principal amount, interest rate and date of repayment.

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

The knowledge and skill-set necessary to be an informed consumer

All of the decisions and activities of an individual or family regarding their money

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

Someone who doesn't pay but gets the benefits anyway.

A commitment to the value of work and purposeful activity

The knowledge and skills that a worker gains through education and experience