Financial Concepts Flashcard

Financial Concepts Flashcard

Assessment

Flashcard

Practice Problem

Hard

Created by

Wayground Content

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19 questions

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1.

FLASHCARD QUESTION

Front

What does 'Line of Credit (LOC)' mean?

Back

A flexible loan from a bank that allows you to borrow up to a set limit and repay as needed.

2.

FLASHCARD QUESTION

Front

What does 'Revolving Credit' mean?

Back

A type of LOC where the available balance renews as you pay it back.

3.

FLASHCARD QUESTION

Front

What does 'Draw Period' mean?

Back

The time frame during which you can borrow from the LOC.

4.

FLASHCARD QUESTION

Front

What does 'Credit Limit' mean?

Back

The maximum amount you can borrow.

5.

FLASHCARD QUESTION

Front

What does 'Principal' mean?

Back

The original amount of money borrowed.

6.

FLASHCARD QUESTION

Front

What does 'Interest Rate' mean?

Back

The cost of borrowing, expressed as a percentage.

7.

FLASHCARD QUESTION

Front

What does 'Term Loan' mean?

Back

A loan paid off over a fixed period.

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