2. Personal Finance Credit Review JEOPARDY

3. 100 Definitions Types of Types of Credit 4 C’s of 4 C’s of Credit Your Rights Credit Report Potpourri 100 200 300 400 500 200 300 400 500 100 200 300 400 500 200 300 400 500 F i n a l J e o p a r d y

4. Question The amount of money that is loaned on trust with the expectation it will be repaid later. Definitions 100 A: What is credit? 100 200 300 400 500

5. \\ Question A: What is debt? The entire amount of money you owe. Definitions 200 100 200 300 400 500

6. Question 100 200 300 400 500 A: What is a credit history? Record of your behavior relates to borrowing and repaying loans. Definitions 300

7. Question 100 200 300 400 500 A: What is a credit score? Rating used by credit reporting companies to help lenders decide whether to extend credit to a borrower. Definitions 400

8. Question 100 200 300 400 500 A: What is universal default? Allows credit card companies to increase your interest rate if you make just one late payment. Definitions 500

9. Question 100 200 300 400 500 A: What is single payment credit? Items are paid for in a single payment after the purchase. ~Utility Companies, Medical Services. Types of Credit 100 200 300 400 500

10. Question 100 200 300 400 500 A: What is installment/closed end? Fixed payments – set period of time to repay. ~car/mortgage loans Types of Credit 200

11. Question 100 200 300 400 500 A: What is revolving credit/open end? No stated payoff time, minimum monthly payments, limit to credit, interest rates.. Types of Credit 300

12. Question 100 200 300 400 500 A: What is to revolving credit? Open-End Credit is also known as….. Types of Credit 400

13. Question 100 200 300 400 500 A: What is installment credit? Closed-end credit is also known as….. Types of Credit 500

14. Question 100 200 300 400 500 A: What is capital, character, collateral and capacity? Name the 4 C’s of credit. 4 C’s of Credit 100

15. Question 100 200 300 400 500 A: What is collateral? Asset that lenders can take from you if you do not repay the loan as promised. ~home loan, car loan. 4 C’s of Credit 200

16. Question 100 200 300 400 500 A: What is capacity? Looks at if you’ve been working regularly in an occupation that is likely to provide enough income to support your credit use. 4 C’s of Credit 300

17. Question 100 200 300 400 500 A: What is character? From your credit history, does it look like you possess the honesty and reliability to pay creditor debts? 4 C’s of Credit 400

18. Question 100 200 300 400 500 A: What is Capital? Do you have any valuable assets such as real estate, savings or investments that could be used to repay credit debts if income is unavailable? 4 C’s of Credit 500

19. Question 100 200 300 400 500 A: What is the Truth in Lending Act? Ensures customers are fully informed about the cost/conditions of borrowing. Your Rights 100

20. Question 100 200 300 400 500 A: What is the Equal Credit Opportunity Act? Prohibits discrimination in giving credit on the basis of sex, race, color, religion, national origin, marital status, age, or receipt of public assistance. Your Rights 200

21. Question 100 200 300 400 500 A: What is the Fair Credit Billing Act? Sets up procedures for the quick correction of mistakes that appear on credit accounts. Your Rights 300

22. Question 100 200 300 400 500 A: What is the Fair Credit Reporting Act? Protects the privacy and accuracy of information in a credit check. Your Rights 400

23. Question 100 200 300 400 500 A: What is the Fair Debt Collections Practices Act? Prevents abuse by professional debt collectors and applies to anyone employed to collect debts owed. Your Rights 500

24. Question 100 200 300 400 500 A: What is your credit report? Detailed record of your personal credit transactions. Credit Report 100

25. Question 100 200 300 400 500 A: What is your name, addy, SS#, b-day, employer, position, income, previous addresses, previous employers, spouse (name, SS#, employer, income), rent vs. own, NSF, credit info (date, amt, terms, type of credit, payments late/missed)? Name 3 things found in your credit file. Credit Report 200

26. Question 100 200 300 400 500 A: What is Make sure your credit report is accurate, Pay bills on time, Apply for credit only when needed, Lower balances on accounts, Pay off debt rather than move it around? Name 3 ways you can get and keep a good credit score. Credit Report 300

27. Question 100 200 300 400 500 A: What is 1. Payment History 2. Overall Debt 3. Credit Account History 4. Types of Credit? Name the 4 ways your credit score is determined. Credit Report 400

28. Question 100 200 300 400 500 A: What is Experian,Trans Union, and Equifax ? Name a credit bureau where you can request a copy of your credit report. Credit Report 500

29. Question 100 200 300 400 500 A: What is 70%? According to the rule of thumb, what percentage of your income should be designated to living expenses. Potpourri 100

30. Question 100 200 300 400 500 A: What is get items now, build credit history, quick source of $ during emergencies, No charge if bill is PIF, and consumer protection ? Name 2 advantages of using credit cards. Potpourri 200

31. Question 100 200 300 400 500 A: What is Chapter 7? Straight bankruptcy where many debts are forgiven. Potpourri 300

32. Question 100 200 300 400 500 A: What are banks, credit unions, department stores, auto dealerships, oil companies, life insurance companies and Federal Government? Name 3 sources where you can obtain credit. Potpourri 400

33. Question 100 200 300 400 500 A: What are Travel and Entertainment Cards? Used like credit cards, but are not credit cards because the balance is due in full each month. Ex: AMEX Potpourri 500

34. Question A: Advantages:Disadvantages: Buy things nowInterest Don’t have to carry cashFees Record of purchasesFinancial Difficulties Arise ConvenientImpulse Buying Consolidates bill Name 2 advantages and 2 disadvantages of using credit. Final Jeopardy 100 200 300 400 500