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Personal Finance Vocabulary Quiz 1
Instructions:
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A person or organization that uses a product or service
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The granting of a lozn and the creation of debt; any form of deferred payment
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An obligation of repayment owed by a borrower to a creditor which in most cases includes repayment of the original loan plus interest
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A system by which goods and services are produced and distributed
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The knowledge and skillset necessary to be an informed consumer and manage finances effectively
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A fee paid by a borrower to the lender for the used of borrowed money.
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A debt evidenced by a "note" which specifies the principal amount, interest rate and date of repayment
Personal Finance Vocabulary Quiz 1
(Answer Key)
Instructions:
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A person or organization that uses a product or service
Consumer
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The granting of a lozn and the creation of debt; any form of deferred payment
Credit
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An obligation of repayment owed by a borrower to a creditor which in most cases includes repayment of the original loan plus interest
Debt
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A system by which goods and services are produced and distributed
Economy
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The knowledge and skillset necessary to be an informed consumer and manage finances effectively
Financial literacy
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A fee paid by a borrower to the lender for the used of borrowed money.
Interest
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A debt evidenced by a "note" which specifies the principal amount, interest rate and date of repayment
Loan