Consumer Credit Vocabulary
Flashcard
•
Mathematics
•
12th Grade
•
Hard
+6
Standards-aligned
Wayground Content
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15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a layaway plan?
Back
A layaway plan is a purchasing method where a customer pays for merchandise in installments, but does not receive the item until it is fully paid for. The item is held in the store for a fee.
Tags
CCSS.L.11-12.4C
CCSS.L.6.4C
CCSS.L.7.4C
CCSS.L.8.4C
CCSS.L.9-10.4C
2.
FLASHCARD QUESTION
Front
What does earning power refer to?
Back
Earning power refers to a person's ability to earn money now and in the future.
Tags
CCSS.L.11-12.4C
CCSS.L.6.4C
CCSS.L.7.4C
CCSS.L.8.4C
CCSS.L.9-10.4C
3.
FLASHCARD QUESTION
Front
What is a payday loan?
Back
A payday loan is a small, short-term loan that is typically due on the borrower's next payday. It is an unsecured loan.
Tags
CCSS.L.11-12.4C
CCSS.L.6.4C
CCSS.L.7.4C
CCSS.L.8.4C
CCSS.L.9-10.4C
4.
FLASHCARD QUESTION
Front
What does APR stand for?
Back
APR stands for Annual Percentage Rate, which is the interest rate paid or charged per year.
Tags
CCSS.RI.11-12.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
5.
FLASHCARD QUESTION
Front
What is credit?
Back
Credit is the ability to purchase something without paying for it at the time of the transaction.
Tags
CCSS.L.11-12.4C
CCSS.L.6.4C
CCSS.L.7.4C
CCSS.L.8.4C
CCSS.L.9-10.4C
6.
FLASHCARD QUESTION
Front
What is a credit rating?
Back
A credit rating is an assessment of the creditworthiness of a borrower, indicating the likelihood of default.
Tags
CCSS.RI.11-12.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
7.
FLASHCARD QUESTION
Front
What is a credit score?
Back
A credit score is a numerical representation of a person's creditworthiness, based on their credit history.
Tags
CCSS.RI.11-12.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
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