Personal Finance Lesson 1-1

 Legally endorsed coins and paper currency that can be used to purchase goods and services, and to pay debts.

• Credit Card

• Credit

• Check

• Cash

A form of payment that is dated and signed by the payor, directing the payor's bank to pay a specific amount of money to the person the check is written, that is, to the payee.

• Check

• Credit

• Credit Card

• Holder in Due Course

A contractual agreement whereby a customer receives goods or services now, and agrees to pay for them later.

• Holder in Due Course

• Credit

• Check

• Cash

A plastic card that is an electronic method of payment allowing the card owner to purchase goods and services on credit.

• Credit

• Check

• Credit Card

• Cash

 A plastic card that is an electronic method of payment where the funds are deducted directly from the card owner's bank account.

• Promissory Note

• Negotiable Instrument

• Debit Card

• Holder in Due Course

An electronic transfer of funds from one bank account to another.

• Electronic Funds Transfer (“EFT”)

• Debit Card

• Promissory Note

• Negotiable Instrument

Someone who accepts a negotiable instrument in exchange for something of value.

• Promissory Note

• Holder in Due Course

• Electronic Funds Transfer (“EFT”)

• Credit Card

A document that promises a specific amount to be paid, like a check or money order.

• Holder in Due Course

• Check

• Credit

• Negotiable Instrument

A promise from the payor to pay a certain amount of money to the payee, either on demand or sometime in the future, also called an I.O.U.

• Debit Card

• Credit

• Check

• Promissory Note