What type of account allows you to charge repeatedly up to a max limit?
Revolving credit
What is the max amount you are willing to pay for an item?
Spending limit
This type of credit is used to finance the purchase of a single item through equal payments over a set period of time.
Installment credit
What is the ability to borrow money and pay it back later?
credit
This is the amount of time you have to pay your credit card balance in full to avoid paying the interest.
Grace period
This is additional coverage that you can buy to pay for repairs or replacements needed beyond the original warranty period.
Extended warranty
This interest rate is set and does not change from month to month.
Fixed interest rate
What type of account allows you to charge items or services only at that store?
Store Account
What credit allows you to receive services and pay for them later?
service credit
These are the standards or rules by which something is judged and can be different for each person.
Criteria
What is the property that you use as security for a loan called?
Collateral
What is a loan borrowed as needed with no collateral?
line of credit
What interest rate goes up and down with inflation?
Variable interest rate
What is it called when you move a balance from one credit card to another?
Balance Transfer
What is the process of including choices that reflect goals by considering all pros and cons along with the costs?
Systematic Decision Making
This form of credit card requires the cardholder to pay the balance in full by the due date.
Charge Card
This is money that must be repaid.
debt
What is the term for the fee that you are charged for violating the terms of the credit agreement?
penalty
What does it mean when you can meet your financial goals through planned earning, spending, and saving?
Financial Responsibility
What is it called when you get money off your credit card account?
Cash Advance
What is the name for the refund of part of the purchase price of an item?
Rebate
What is a loan of cash made to a consumer at a fixed rate for a set period of time?
Consumer loan
This is the amount you are required to pay each month on a credit account.
minimum payment