ECON CH. 19: Personal Financial Literacy

payment made for the use of borrowed money

• interest

• collateral

monthly, quarterly, semiannual, or annual price paid for an insurance policy

• premium

• unsecured loan

person who owns a share or shares of stock in a corporation

• stockholder

• creditors

persons or institutions to whom money is owed

• stockholder

• creditors

something of value that a lender can claim if a loan is not repaid

• interest

• collateral

form of business organization recognized by law as a separate legal entity

• corporation

• partnership

unincorporated business owned and operated by 2 or more people

• corporation

• partnership

money borrowed that is backed up with something of value in case the borrower can't pay it back

• secured loan

• unsecured loan

unincorporated business owned and run by a single person

• sole proprietorship

• corporation

money borrowed that is guaranteed only by a promise to repay it

• secured loan

• unsecured loan