Personal Finance Vocabulary Quiz 1

  1.  
    A person or organization that uses a product or service
  2.  
    The granting of a lozn and the creation of debt; any form of deferred payment
  3.  
    An obligation of repayment owed by a borrower to a creditor which in most cases includes repayment of the original loan plus interest
  4.  
    A system by which goods and services are produced and distributed
  5.  
    The knowledge and skillset necessary to be an informed consumer and manage finances effectively
  6.  
    A fee paid by a borrower to the lender for the used of borrowed money.
  7.  
    A debt evidenced by a "note" which specifies the principal amount, interest rate and date of repayment
Answer Key
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Personal Finance Vocabulary Quiz 1 (Answer Key)

  1.  
    A person or organization that uses a product or service
    Consumer
  2.  
    The granting of a lozn and the creation of debt; any form of deferred payment
    Credit
  3.  
    An obligation of repayment owed by a borrower to a creditor which in most cases includes repayment of the original loan plus interest
    Debt
  4.  
    A system by which goods and services are produced and distributed
    Economy
  5.  
    The knowledge and skillset necessary to be an informed consumer and manage finances effectively
    Financial literacy
  6.  
    A fee paid by a borrower to the lender for the used of borrowed money.
    Interest
  7.  
    A debt evidenced by a "note" which specifies the principal amount, interest rate and date of repayment
    Loan

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