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Chapter 4: Dept
Chapter 4: Dept
16
Finance
11th Grade
09/15/2014

Additional Finance Flashcards

 


 

Cards

Term
Annual Fee
Definition
A yearly fee that's charged by the credit card company for the convenience of the credit card.
Term
Annual Percentage Rate (APR)
Definition
Cost of barrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.
Term
Credit Card
Definition
Type of card issued by a bank that allows users to finance a purchase.
Term
Credit Report
Definition
A detailed report of an individual's credit history.
Term
Credit Score
Definition
A measure of an individual's credit risk; calculated from credit report using a standardized formula.
Term
Debt Snowball
Definition
Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments
Term
Depreciation
Definition
A decrease or loss in value
Term
Introductory Rate
Definition
An interest rate charged to a customer during the early stages of a loan; the rate often goes up after a specified period of time.
Term
Loan Term
Definition
Time frame that a loan agreement is in force and before or at the end of which the loan should either be repaid or renegotiated for another term
Term
Tax Deduction
Definition
An expense, such as a charitable contribution, that can be deducted from one's taxable income.
Term
Credit
Definition
Making purchases now and paying for them later (also known as borrowing!)
Term
Creditor
Definition
Any bank or business that extends credit to others; a lender
Term
Debtor
Definition
Anyone who owes money; a borrower
Term
Finance Charge
Definition
A fee for borrowing money, added to a monthly credit or bill
Term
Interest Rate (APR)
Definition
The fee, expressed as a percentage, a borrower owes for the use of a creditor's money. At an interest rate of 10%, a borrower would pay $110 for $100
Term
Late Fees
Definition
Additional fees that can be added to a credit card bill if the card holder fails to make at least the minimum payment by the due date
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