Is the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future?
Credit Vocabulary

Flashcard
•
Life Skills
•
10th - 12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
Credit
2.
FLASHCARD QUESTION
Front
Something of value that a borrower lets the lender claim if a loan is not repaid.
Back
Collateral
3.
FLASHCARD QUESTION
Front
Is a loan that does not have collateral pledged against it.
Back
Unsecured Loan
4.
FLASHCARD QUESTION
Front
Is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
Back
Loan
5.
FLASHCARD QUESTION
Front
Is a loan in which the borrower pledges some asset as collateral.
Back
Secured Loan
6.
FLASHCARD QUESTION
Front
The total amount of money owed lenders or creditors.
Back
Debt
7.
FLASHCARD QUESTION
Front
There is not a set payoff date for the credit.
Back
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