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Jeopardy – Review

Jeopardy – Review. ANSWER. This is the % cost of credit on a yearly basis. This is your key to comparing credit costs. QUESTION. What is an APR ? $100. ANSWER. A plastic card used to immediately transfer funds for a purchase from a bank account to a seller. QUESTION.

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Jeopardy – Review

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  1. Jeopardy – Review

  2. ANSWER Thisis the % cost of credit on a yearly basis. This is your key to comparing credit costs.

  3. QUESTION What is an APR? $100

  4. ANSWER A plastic card used to immediately transfer funds for a purchase from a bank account to a seller.

  5. QUESTION What is a debit card? $200

  6. ANSWER the total dollar amount you pay for using credit. Includes interest, service charges, and fees.

  7. QUESTION What is a Finance Charge? $300

  8. ANSWER What are four things we should list when writing a check?

  9. QUESTION What are four things we should list when writing a check? • Date • Payee • Numerical amount • Written amount • Purpose or account number • Signature $400

  10. ANSWER The difference between Credit and Debit cards?

  11. QUESTION A Debit Card electronically subtracts money instantly from your savings/checking account to pay for a good/service at time of purchase. A Credit Card extends credit and delays payment? $500

  12. ANSWER This is what they call a check with insufficient funds in your bank account to cover the bill payment.

  13. QUESTION What is a Bounced Check? $100

  14. ANSWER Electronic computer terminals which offer automated, computerized banking.

  15. QUESTION What is an automated teller machine (ATM)? $200

  16. ANSWER The receipt of money, goods, or services in exchange for a promise to pay at a later date. The most important thing to remember is that you have to pay it back and at an interest rate finance fee.

  17. QUESTION What is Credit? $300

  18. ANSWER True or False- If you do not pay your credit card bill in full-each month, you will be charged interest on the amount that has not been paid is a periodic charge in exchange for the use of credit.

  19. QUESTION What is True? $400

  20. ANSWER If you do not pay your credit card bill in full-each month, you will be charged this on the amount that has not been paid.

  21. QUESTION What is Interest? $500

  22. ANSWER The purpose of a Check Register?

  23. QUESTION • to keep track of deposits • to keep track of check withdrawals • to maintain the current balance $100

  24. ANSWER Three dangers of using credit?

  25. QUESTION What are: • Extremely high interest rates. The worse your credit rating the higher the interest. (Especially for teenagers) Risk·       Easy to spend over your affordable budget. “Ask yourself can I afford this”·Credit companies target less experienced teenage consumers·       0% line balance transfers w/ a variable interest rate after the grace period expires·Avoid the Minimum Payment Trap·Don’t let anyone else use your credit card·Don’t keep spending for the free promotional gift $200

  26. ANSWER Who tracks your Credit History?

  27. QUESTION Credit Bureaus- provides information to businesses regarding the credit history of its customers. Maintains records and assigns each person a credit rating.·       Be careful a high number of credit inquires can affect your rating. $300

  28. ANSWER Three causes of bad credit preventing a bank to loan money to you?

  29. QUESTION Causes of bad credit preventing a bank to loan money to you:·       Overextended in bills·       History of not paying bills or late fees·       Unemployed·       No credit history (too clean of credit)·Bounced Check- write check with insufficient funds in your bank account to cover the bill payment.·       Defaulted on loan·       Bankruptcy·       Error on Credit Report $400

  30. ANSWER ·       Open up a savings or checking account·       Apply for 1 credit card, or store card (easier to qualify for)·       Always pay promptly (not just the minimum payment)·       Understand the credit terms: grace period, interest rate·       Be careful not to overuse the card and get yourself into financial trouble·       BE PATIENT! IT TAKES TIME TO ESTABLISH GOOD CREDIT.

  31. QUESTION How do you establish Credit? $500

  32. ANSWER the classification a credit agency assigns a person regarding whether or not the person is a good financial risk.

  33. QUESTION What is a Credit Rating? $100

  34. ANSWER the past performance or record of how individuals or businesses pay their creditors. (Pay on time, & in full)

  35. QUESTION What is a Credit History? $200

  36. ANSWER is the maximum balance that the credit card company will allow you to have on your card.

  37. QUESTION What is a Credit line? $300

  38. ANSWER If you fail to repay a loan

  39. QUESTION What is Default? $400

  40. ANSWER A personal identification number that is required to perform transactions.

  41. QUESTION What is a PIN number? $500

  42. ANSWER Paychecks and benefits checks are directly deposited into a specific depository institution account.

  43. QUESTION What is a Direct Deposit? $100

  44. ANSWER Borrow only what you can repay Pay Debts Promptly Report Stolen/lost cards Read and understand the credit contract

  45. QUESTION What are your responsibilities as a borrower? $200

  46. ANSWER One of the 3C’s that addresses – What if you don’t repay loan?

  47. QUESTION What is Capital? $300

  48. ANSWER One of the 3C’s that addresses – Will you repay the debt?

  49. QUESTION What is Character? $400

  50. ANSWER One of the 3C’s that addresses – What if you don’t repay loan?

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