Unit 7: Personal Finance

Something of value that a borrower lets the lender claim if a loan is not repaid

• Mortgage

• Principal

• Collateral

• Credit Card

Which protects consumers from being denied credit based on gender, age, race, national origin, religion, or marital status?

• Equal Credit Opportunity Act

• Fair Credit Reporting Act

• Financial Reform Act

• Truth in Lending Act

Amount originally borrowed in a loan

• Collateral

• Principal

• Usury Law

• Credit

Installment debt owner on houses, buildings, or land

• Mortgage

• Credit

• Interest

• Collateral

Standard of living is

• The material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied.

• Whatever is owned by individuals rather than the government.

• Expansion of the economy to produce more jobs, goods, and wealth.

• Ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product.

Any person or group that buys or uses goods and services to satisfy personal needs and wants is a

• Profit

• Market

• Consumerism

• Consumer

A car is an example of a:

• consumable good

• durable good

• normal good

• staple good

Goods and services necessary for living, such as food, shelter, and clothing are:

• luxuries

• needs

• staples

• wants

The process or activity of using goods is called:

• distribution

• exchange

• production

• consumption

A high school student is paid minimum wage to work at a local restaurant. The student's pay would be classified as:

• overtime

• commission

• hourly

• salary