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