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financial managment
unit 5 lesson 2
28
Other
Undergraduate 2
04/09/2011

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Term
amount owed
Definition
debit
Term
a loan in which something of value has been pledge to insure repayment of the loan
Definition
secured loan
Term
a company that specializes in granting small loans to borrowers with little or no credit standing
Definition
consumer finance company
Term
the yearly rate paid for the use of money
Definition
APR
Term
a loan repaid with interest in a series of payments
Definition
installment loan
Term
cost of using borrowed money which may include loan fees, credit insurance, interest, ect.
Definition
financial charge
Term
person who promises to repay the debt if the person who was given the loan fails to do so
Definition
co-signer
Term
legal contract giving a lender permission to acquire ownership of real estate if the loan is not repaid
Definition
mortgage
Term
one to whom money is owed
Definition
creditor
Term
an amount paid for the use of money
Definition
interest
Term
an allowance made to your former spouse for support after a legal separation or divorce; in some states___is called maintenance
Definition
alimony
Term
properties that you own
Definition
assets
Term
financial situation in which your debts are greater than the total value of your assets
Definition
bankrupt
Term
the amount of an insurance policy that an insurance company will lend to a policyholder
Definition
cash value
Term
someone who signs a loan with you and promises to repay the debt if you do not repay it
Definition
co-applicant, joint applicant, cosigner
Term
joint ownership, two or more people share ownership rights
Definition
co-owners
Term
people who will recommend that you are a good credit risk
Definition
credit references
Term
amount still owed on a debit
Definition
debt balance
Term
failure to fulfill the terms of the loan agreement
Definition
default
Term
those who rely on you for financial support
Definition
dependents
Term
financial obligations, such as a car loan
Definition
liabilities
Term
person or institution to whom you make mortgage payments
Definition
mortgage holder
Term
the amount of money a borrower or policyholder receives
Definition
proceeds
Term
land and anything attached to it
Definition
real estate
Term
to take back what was sold on an installment plan if payments are not made as agreed
Definition
repossess, reclaim
Term
another name for stocks and bonds
Definition
securities
Term
delinquent debt; payment that is overdue
Definition
unsatisfied judgement
Term
method of calculating interest
Definition
Rule of 78
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