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life skills
N/A
31
Law
12th Grade
11/24/2009
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Term
Annual
 Definition
Each year
Term
Balance
 Definition
The amountyou owe after payment
Term
Collateral
 Definition
Property promised to a creditor
Term
Co-maker
 Definition
Second person agreeing to credit terms
Term
Conditions
 Definition
terms
Term
Contract
 Definition
Legal agreement
Term
Consent
 Definition
agree to give permission
Term
Consumer
 Definition
Buyer or borrower
Term
credit
 Definition
To buy or borrow and pay at a later date
Term
Credit terms
 Definition
Pay for a credit purchase or repay a loan
Term
Creditor
 Definition
Person or business giving you credit
Term
Debts
 Definition
Bills you owe
Term
Defualt
 Definition
Non payment
Term
Delinquent
 Definition
Lat
Term
Disclosure
 Definition
To make known
Term
Down payment
 Definition
Money paid in advance
Term
Entitle
 Definition
Give the right to
Term
Finance charge
 Definition
Cost of having credit
Term
Installment
 Definition
Monthly payment
Term
Interest
 Definition
Cost of credit
Term
Landlord
 Definition
Person who owns and rents out a house
Term
Lease
 Definition
A rent agreement
Term
Liability
 Definition
Legal Responsibilty
Term
Lien
 Definition
A legal cliam on your property
Term
Option
 Definition
Chioce
Term
Percentage Rate
 Definition
Interest or finace charges stated as a precent
Term
Retailer
 Definition
Sellsr or Merchant
Term
Sue
 Definition
Take to court
Term
Tenant
 Definition
Person renting an apartment
Term
Title
 Definition
Legal document proving ownership
Term
Violate
 Definition
Fail to keep an agreement
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