The money with whcih a business starts or the original amount of debt taken out.
2 of 16
Credit
An arrangement by which you obtain money now that you promise to pay back in the future.
3 of 16
Credit History
A person's previous history of debt repayments.
4 of 16
Debt
The total amount of money that someone owes at a particular point in time.
5 of 16
Default
The situation in which a borrower is unable to repay a debt.
6 of 16
Financial Capability
An individual's ability to manage their money well.
7 of 16
Financial Conduct Authority
An agency that regulates financial firms and services.
8 of 16
High Credit Risk
Someone who may not be able to repay a loan.
9 of 16
Interdependancy
The situation in which changes in one area affect changes in another area.
10 of 16
Money Management
Making decisions about using your money.
11 of 16
Needs
The things that we require to survive, such as food, water, shelter, warmth, and essential clothing.
12 of 16
Overdraft
A service provided by banks that allows a person to withdraw more money than they actually have in their bank accounts. The extra money is borrowed from the bank and must be repaid with interest.
13 of 16
Payday Loan
A short-term loan offered at a high interest rate that is designed to financially assist someone until they are next paid.
14 of 16
Trade-Off
The act of giving up something in order to have something else.
15 of 16
Wants
The things we want but we dont need to stay alive. eg- a car, or a phone.
16 of 16
Other cards in this set
Card 2
Front
The money with whcih a business starts or the original amount of debt taken out.
Back
Capital
Card 3
Front
An arrangement by which you obtain money now that you promise to pay back in the future.
Back
Card 4
Front
A person's previous history of debt repayments.
Back
Card 5
Front
The total amount of money that someone owes at a particular point in time.
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