Terms Flashcards
1
Q
Debt
A
Money owned
2
Q
Credit rating
A
Score given to individual on how likely they are to repay debts based upon their previous actions.
3
Q
Bankrupt
A
When an individual or organisation legally states its inability to repay loans.
- costs money
4
Q
Solvent
A
Ability to meet day-to-day expenditure
5
Q
Current account
A
Account designed for frequent use (regular withdrawals and deposits)
