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Personal Finance 3
vocabulary review
| Term | Definition |
|---|---|
| Commission | Pay based on a percentage of sales |
| common stock | a class of stock where the person who owns the stock shares directly in the success or failure of the business |
| compound interest | interest paid on the original principal plus the accumulated interest |
| consumer | a customer who buys the products or services a business produces |
| Consumer Price Index (CPI) | a special average of many prices of goods and services that people often buy; the CPI is calculated by the US Department of Commerce |
| convertible bond | a bond that can be exchanged for common stock at maturity |
| cooperative | a type of corporation, like a credit union, that is owned by the people who use its services |
| corporate bond | an IOU issued by a corporation in order to borrow money |
| corporation | a business that is owned by stockholders and has rights and responsibilities just like a person |
| credit | the privilege of borrowing something now with the agreement to pay for it later |
| credit bureau | a for-profit company that is in the business of accumulating, storing, and distributing credit information |
| credit card | a card that allows you to buy items on credit and pay off your debt over time |
| credit history | a record of your credit performance |
| credit limit | the amount of credit you are authorized to use |
| credit report | a written report issued by a credit bureau that contains relevant information about a person's creditworthiness |
| credit scoring system | a statistical system used to rate credit applicants according to various characteristics relevant to creditworthiness |
| credit union | a democratically owned and controlled not-for-profit financial cooperative that offers a variety of savings and lending services to members |
| creditor | any person to whom one owes money or goods |
| creditworthiness | past and future ability to repay debts |
| debit card | a plastic card that consumers may use to make purchases, withdrawals, or other types of electronic fund transfers |
| debt | money owed |
| debt balance | amount still owed on a debt |
| debt collector | a person or company hired by a creditor to collect the balance due on overdue accounts |
| debt load | the amount of outstanding debt at a particular point in time |
| debtor | one who owes money to another |
Created by:
SusieQ60
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