DAVE RAMSEY FOUNDATION CH1: QUIZ 1

A fee paid by a borrower to the lender for the use of borrowed money.

• interest

• consumer

• loan

• debt

An obligation of repayment owed by one party (debtor/borrower) to a second party (creditor/lender).

• consumer

• credit

• debt

• economy

A person or organization that buys/uses goods and services.

• personal finance

• debt

• loan

• consumer

A debt evidenced by a "note," which specifies the principal amount, interest rate, and date of repayment (example: House Mortgage)

• consumer

• loan

• credit

• interest

The granting of a loan and the creation of a debt; any form of deferred payment.

• personal finance

• interest

• loan

• credit

A system by which goods and services are produced and distributed.

• economy

• personal finance

• consumer

• debt

The knowledge and skillset necessary to be an informed consumer and manage finances effectively.

• consumer

• interest

• debt

• financial literacy

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.

• Financial Literacy

• credit

• loan

• personal finance