1.5 Borrowing
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A collection of flashcards covering key financial concepts related to borrowing and credit.
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8 Terms
1
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What is borrowing?
Taking money to repay later.
2
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What is interest on borrowing?
Extra money paid back.
3
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What is APR?
Annual percentage rate. Yearly cost of interest added to borrowing.
4
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What is an overdraft?
Account going below zero.
5
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What is an authorised overdraft?
Agreed overdraft limit.
6
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What is an unauthorised overdraft?
Exceeding limit without permission.
7
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What is a credit card?
Card allowing borrowing for purchases.
8
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What is a personal loan?
Borrowing repaid in instalments.
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Flashcards (294)