Chapter 1 Vocabulary Quiz

A system by which goods and services are produced and distributed

• Debt
• Consumer
• Economy
• Supply and Demand

An obligation of repayment owed by one party to a second party; in most cases this includes repayments of the original loan plus interest

• Loan
• Debt
• Credit
• Interest

A fee paid by a borrower to the lender for the use of borrowed money; typically calculated as a percentage of the principal (original loan amount)

• Principal
• Interest
• Debt
• Origination Fee

A consumer is person or organization that uses a product or service

• True
• False

Credit

• the knowledge and skill set necessary to be an informed consumer and manage finances
• an obligation of repayment owed by one party to a second party
• a person or organization that uses a product or service
• the granting of a loan and the creation of debt; any form of deferred payment

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.

• Personal Finance
• Financial Literacy
• Financial Advising
• Family Financials

The knowledge and skill set necessary to be an informed consumer and manage finances effectively

• Financial Literacy
• Personal Finance
• Financial Personality
• Consumer

A debt evidenced by a "note", which specifies the principal amount , interest rate, and date of repayment

• Car Note
• Consumer Credit
• Loan
• Terms

S stands for...

• Smart

• Specific

• Scientific

• Sensible

M stands for...

• Measurable

• Manageable

• Masterful

• Miniscule