A debit card is electronically connected to the cardholder’s bank account.

A credit score of 400 is excellent.

It is impossible for an 18-year old to establish credit.

Credit cards are legally required to disclose terms and fees.

Some credit cards offer rewards or points toward a benefit to encourage usage.

It is not advisable to pay off a credit card balance.

Interest is charged even if your credit card balance is zero.

Some credit cards will charge you an annual fee for the privilege of having it – regardless if you use it.

Some credit cards will offer you a lower introductory rate and then increase your rate of interest after a period of time.

Cardholders can be charged a higher interest rate for making balance transfers.

Age, salary, race where you live and occupation all factor into your credit score.

Paying your bills on time helps your credit score.

Grace Period is the amount of time you have to pay your credit card bill before you start accruing interest.

A credit score less than 500 is risky?

This is when goods, services or money is received in exchange for a promise to pay a definite sum of money at a future date?

This type of credit is a loan which the borrower must repay the amount in a specified number of equal payments?

What is the maximum amount that can be charged on a credit card called?

What is the cost of credit expressed as a percentage?

What does A.P.R. stand for?

A record of a consumer’s credit history?

What is the number that summarizes an individual’s credit record and history?

This type of credit is extended in advance so that the borrower does not have to apply for credit each time new credit is desired?

What does creditworthiness refer to?

What does HELOC mean?

What website supported by the federal government entitles consumers to one free credit report each year from each of the three major credit bureaus?

What is the name credit expressed in dollars?

What is the 3-digit range for credit scores?

What is the name of our galaxy?

How many dimples are on a golf ball?

Name the three major credit reporting agencies in the U.S.?

What’s another name for a credit score?

HINT: Originates from Fair Isaac Company

Credit scores are calculated based on how many general factors?

35% - Payment history30% - Outstanding debt

15% - Length of Credit history10% - Pursuit of new credit10% - Types of credit in use

What are the 3Cs of Credit?

Character: reputation. Will you repay the debt?Capital: what you own. What if you don’t repay debt?Capacity: Ability to repay. Are you capable of repaying the debt?

How many planets in the solar system have rings?

Jupiter, Saturn, Uranus, and Neptune

all have rings.

What is NOT an example of closed end credit?

All of the above

Credit cards

Automobile loans

Mortgages

Education loans

Match some advantages and disadvantages to credit cards:

Advantage

Advantage

Disadvantage

Disadvantage

Advantage

Protection against fraud

Tempting to overspend

Convenient payment tool

Useful for emergencies

Interest can be costly

Match the device to what it measures:

Stop Watch

Scale

Thermometer

Speedometer

Odometer

Distance

Temperature

Elapsed Time

Weight

Rate of Travel