honors econ personal finance etikerentse chapters 11 and 12

anyone who uses a good or service

the way you plan to spend or save your income

a consumer’s plan showing the sources and uses of income

the act of reviewing products and prices charged by different businesses for similar products before making a purchase

a decision to buy or not buy a product so that your utility, or satisfaction, per dollar spent is maximized

borrowing money to be repaid in regular installments over time, such as a car loan

amounts charged to an account that involves variable payments over time, such as a credit card

loan for which property is pledged to back its repayment, such as a home mortgage

loan for which no specific property is pledged by the borrower that can be used to satisfy the debt if payments are not made, such as credit card debt

the measure of your dependability to repay a loan

a measure of your financial responsibility

a measure of a consumer’s ability to repay a debt on time

a measure of the value of things that a consumer owns that could be sold or cashed in to repay a loan

a person’s record of paying bills and debts over time

the measure of a person’s creditworthiness

a system that assigns a number, or score, to each consumer indicating whether this person is a good or bad credit risk

federal agency that sets standards for foods and drugs produced or sold in the United States

government agency that tries to ensure that businesses compete and market their products fairly and honestly

FTC-issued directive to stop a firm from making a false or misleading advertising claim

federal agency created to protect consumers from dangerous products they might purchase or use

federal agency that interprets and enforces laws passed by Congress that involve the environment

crime in which one person fraudulently uses another’s identity to obtain credit or to access financial accounts

the act of choosing not to spend current income

income earned from funds that are not spent

computed on the amount saved plus the interest previously earned

formula banks must use to calculate interest they pay on deposits

savings instrument with fixed interest rate and fixed maturity date

bank accounts that allow depositors a limited number of transactions per month; interest is slightly higher than on a savings account but can vary from day to day

using your savings in a way that earns a return

shares of ownership in a corporation

investing in a wide variety of firms

a financial organization that accepts funds from many people and invests them in a variety of stocks

loan that entitles an investor to be repaid at the specified date and receive interest until that date

expert who gives investment advice for a fee

protection you purchase against losses beyond your ability to withstand

legal contract between an insured person and an insurance company

protects policyholders from losses to their property

the amount that an insured person must pay before the insurance company pays anything

protects against losses from other injuries you cause to another person or damage you cause to another’s property

protects against financial loss from injury, illness, or unexpected death of the insured person