Financial Studies Unit 1 Topic 6 0.0 / 5 ? AllFinancial Studies All LevelsAll boards Created by: rswift91Created on: 13-01-21 11:39 Why do people borrow money? To get goods or services they do not currently have the funds for 1 of 15 What does it mean for debt to be unsecured? That the lender has no claim over the goods 2 of 15 What does consumer credit mean? Taking out a borrowing product 3 of 15 4 factors to consider when borrowing money Repayment Affordability How to manage the debt Costs and Risks The length of the borrowing 4 of 15 Two factors which encompass the cost of borrowing Interest and fees 5 of 15 If an APR is advertised what % of applicants must get it? 51% 6 of 15 Overdrafts only apply to what account? Current Accounts 7 of 15 What is the purpose of an overdraft? Bridge funds between payments and income 8 of 15 True or False: Overdrafts can have a flexible EAR True 9 of 15 Four parties involved with credit card payments Cardholder Merchant Merchants bank Cardholders provider 10 of 15 Visa and Mastercard are both what? Payment organisations that manage networks connecting acquirers and issuers 11 of 15 True or False: The card issuer does not charge interest between the payment made and the payment due date? True 12 of 15 Different credit card types 0% interest on balance transfers Low APR Cashback cards Reward Cards Charity Credit Cards First Credit Cards Premium Credit Cards 13 of 15 What is a charge card? A card which must be repaid in full every month 14 of 15 True or False: You cannot make overpayments on a loan False 15 of 15
Mobile Security Market Analysis, Key Players, Business Opportunities, Share, Trends, High Demand and Growth Forecast 2023-2027 0.0 / 5
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