Financial Contracts Vocabulary
- 1. agreement between two or more individuals (entities) that is enforceable by law
A) Credit Card
B) Checking Account
C) Contract
D) Loan
- 2. an open line of credit to spend on consumer goods
A) Credit Card
B) Contract
C) Checking Account
D) Loan
- 3. a closed line of credit to spend on consumer goods or intangible goods
A) Contract
B) Loan
C) Credit Card
D) Checking Account
- 4. allows you deposit your money in an institution with the right to withdrawal on demand
A) Credit Card
B) Checking Account
C) Contract
D) Loan
- 5. amount of money you are charged for borrowing credit
A) Fixed APR
B) Interest
C) Variable APR
D) Finance Charges
- 6. usually an introductory offer, for instance your first six billing cycles may have an APR of zero percent interest
A) Finance Charges
B) Fixed APR
C) Variable APR
D) Interest
- 7. your credit is evaluated every three to six months, and based on your credit
score your rate can increase or decrease
A) Finance Charges
B) Interest
C) Variable APR
D) Fixed APR
- 8. the interest rate accrued to your outstanding balance
A) Finance Charges
B) Variable APR
C) Fixed APR
D) Interest
- 9. indicates the time you have to pay a purchase without accruing interest
A) Offer
B) Refinancing
C) Amortization Schedule
D) Grace Period
- 10. details repayment information over the course of the debt
A) Grace Period
B) Amortization Schedule
C) Refinancing
D) Offer
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