Management and Organizational Studies 2277A/B Chapter Notes - Chapter 6: Finance Charge, Cash Flow Statement, Cash Advance

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2277A/B
• Professor: Barry Hawn

Document Summary

Chapter 6: assessing, managing, and securing your credit. Types of credit classified as instalment or revolving open-end. May not be able to obtain credit again, or pay high rate. Credit history receive credit when you apply for and are approved to use credit instruments such as credit loans, retail credit cards, lines of credit and personal loans and leases. Credit application process usually involves filling out application form, negotiating interest rate, negotiating loan contract in case of revolving open-end credit, such as credit card, interest rate usually non-negotiable are terms are pre- determined. Application process info from your personal balance sheet, and personal cash flow statement to document your ability to repay the loan, proof of income using either recent pay slip t4 slip or both. Personal balance sheet indicates your assets, liabilities and net worth at a specific point in time assets are relevant because use as collateral if in loan, liabilities bc represent your existing debt.