Financial Terms Flashcards

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Debt

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An amount of money borrowed by one party from another, often used to make large purchases that they could not afford under normal circumstances.

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Financial

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Relating to money or how money is managed.

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Interest

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The cost of borrowing money, usually expressed as a percentage of the amount borrowed.

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Credit

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The ability to borrow money or access goods or services with the understanding that you'll pay later.

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Balance

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The amount of money held in an account or the amount owed on a debt.

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Income

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Money received, especially on a regular basis, for work or through investments.

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Fee

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A payment made to a professional person or to a professional or public body in exchange for advice or services.

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Bankrupt

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A legal status of a person or entity that cannot repay the debts it owes to creditors.