jeopardy – review column 1column 2column 3column 4column 5 $100 $200 $300 $400 $500
TRANSCRIPT
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Jeopardy – Review
Column 1 Column 2 Column 3 Column 4 Column 5
$100 $100 $100 $100 $100
$200 $200 $200 $200 $200
$300 $300 $300 $300 $300
$400 $400 $400 $400 $400
$500 $500 $500 $500 $500
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ANSWER
This is the % cost of credit on a yearly basis.
This is your key to comparing credit costs.
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QUESTION
What is an APR?
$100
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ANSWER
A plastic card used to immediately transfer funds for a purchase from a bank account to a seller.
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QUESTION
What is a debit card ?
$200
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ANSWER
the total dollar amount you pay for using credit.
Includes interest, service charges, and fees.
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QUESTION
What is a Finance Charge?
$300
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ANSWER
What are four things we should list when writing a check?
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QUESTION
What are four things we should list when writing a check?
• Date• Payee• Numerical amount• Written amount• Purpose or account number• Signature
$400
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ANSWER
The difference between Credit and Debit cards?
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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
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ANSWER
This is what they call a check with insufficient funds in your bank account to cover the bill payment.
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QUESTION
What is a Bounced Check?
$100
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ANSWER
Electronic computer terminals which offer automated, computerized banking.
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QUESTION
What is an automated teller machine (ATM)?
$200
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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.
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QUESTION
What is Credit?
$300
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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.
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QUESTION
What is True?
$400
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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.
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QUESTION
What is Interest?
$500
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ANSWER
The purpose of a Check Register?
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QUESTION
• to keep track of deposits• to keep track of check withdrawals • to maintain the current balance
$100
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ANSWER
Three dangers of using credit?
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QUESTIONWhat 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
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ANSWER
Who tracks your Credit History?
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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
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ANSWER
Three causes of bad credit preventing a bank to loan money to you?
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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
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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.
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QUESTION
How do you establish Credit?
$500
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ANSWER
the classification a credit agency assigns a person regarding whether or not the person is a good financial risk.
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QUESTION
What is a Credit Rating?
$100
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ANSWER
the past performance or record of how individuals or businesses pay their creditors. (Pay on time, & in full)
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QUESTION
What is a Credit History?
$200
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ANSWER
is the maximum balance that the credit card company will allow you to have on your card.
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QUESTION
What is a Credit line?
$300
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ANSWER
If you fail to repay a loan
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QUESTION
What is Default?
$400
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ANSWER
A personal identification number that is required to perform transactions.
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QUESTION
What is a PIN number?
$500
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ANSWER
Paychecks and benefits checks are directly deposited into a specific depository institution account.
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QUESTION
What is a Direct Deposit?
$100
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ANSWER
Borrow only what you can repay
Pay Debts Promptly
Report Stolen/lost cards
Read and understand the credit contract
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QUESTION
What are your responsibilities as a borrower?
$200
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ANSWER
One of the 3C’s that addresses –
What if you don’t repay loan?
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QUESTION
What is Capital?
$300
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ANSWER
One of the 3C’s that addresses –
Will you repay the debt?
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QUESTION
What is Character?
$400
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ANSWER
One of the 3C’s that addresses –
What if you don’t repay loan?
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QUESTION
What is capital?
$500
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FINAL JEOPARDY ANSWER
Name and describe the
3 C’s of credit?
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FINAL JEOPARDY QUESTION
What are• Character – will you repay the debt? –
possess the reliability to pay the debt
• Capital – What if you don’t repay the debt? – Do you have valuable assets that could be used to pay the debt if you default – what property do you own?
• Capacity – Can you repay the debt? – Do you work regularly? Provide enough income to support your credit use?