3.1 Cengage

When something is bought that is not paid for at the time of purchase.

• Debit

• Credit Rating

• Credit

• Credit Report

Organization or person who uses credit.

• debtor

• Earning power

• Assets

• credit.

Organization or person who extends credit to debtors.

• Assets

• debtor.

• credit.

• creditor

A person’s property or what is owned.

• Assets

• credit

• Credit rating

• Earning power

A person’s ability to earn money now and in the future.

• Credit

• Credit rating

• Earning power

• layaway plans

A numerical value that indicates how well a user of credit meets financial obligations; these records are used by creditors when they decide to issue credit.

• Credit rating

• Credit

• Credit Card

• creditor

Organizations that compile records on users of credit as to how well they repay their debts.

• Credit rating

• Assets

• Credit Card

• credit reporting agency

A score that summarizes the probability that a debtor will pay a debt and is a reliable way that creditors judge creditworthiness.

• FICO score

• Credit Rating

• Test Score

• Earning Power

A method of payment of a purchase or services over a period of time.

• plan

• installment plan

• Down Payment

• Credit

The upfront money applied to a purchase that is made using a loan (credit).

• Down Payment

• deferred payment plans

• layaway plans

• installment plan