FINLIT-Ch8 Vocab
Authored by Geoffrey McKenzie
Social Studies
9th Grade
Used 1+ times
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34 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Agreement between two parties in which one party lends money or provides goods or services to another party with the understanding that payment will be made at a later date.
credit
creditor
debtor
closed-end credit
open-end credit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Party extending credit.
credit
creditor
debtor
open-end credit
closed-end credit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Party receiving credit.
credit
debtor
creditor
closed-end credit
open-end credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit granted to individual consumers by a retail business.
consumer credit
principal
down payment
closed-end credit
installment loan
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Legally binding agreement between a borrower and a creditor.
credit
principal
contract
closed-end credit
installment loan
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Statement in a contract that allows the creditor to require full and immediate payment of the entire balance if a payment is missed or the individual fails to abide by the terms of the contract.
credit
principal
acceleration clause
closed-end credit
installment loan
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Loan for a specific amount that must be repaid with interest by a specified date or according to a specified schedule.
credit
principal
down payment
closed-end credit
installment loan
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