Jeopardy – Review Column 1Column 2Column 3Column 4Column 5 $100 $200 $300 $400 $500.

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Presentation transcript:

Jeopardy – Review Column 1Column 2Column 3Column 4Column 5 $100 $200 $300 $400 $500

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 What is a debit card ? $200

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

QUESTION What is a Finance Charge? $300

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

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

ANSWER The difference between Credit and Debit cards?

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

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

QUESTION What is a Bounced Check? $100

ANSWER Electronic computer terminals which offer automated, computerized banking.

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

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.

QUESTION What is Credit? $300

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.

QUESTION What is True? $400

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.

QUESTION What is Interest? $500

ANSWER The purpose of a Check Register?

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

ANSWER Three dangers of using credit?

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

ANSWER Who tracks your Credit History?

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

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

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

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.

QUESTION How do you establish Credit? $500

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

QUESTION What is a Credit Rating? $100

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

QUESTION What is a Credit History? $200

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

QUESTION What is a Credit line? $300

ANSWER If you fail to repay a loan

QUESTION What is Default? $400

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

QUESTION What is a PIN number? $500

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

QUESTION What is a Direct Deposit? $100

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

QUESTION What are your responsibilities as a borrower? $200

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

QUESTION What is Capital? $300

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

QUESTION What is Character? $400

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

QUESTION What is capital? $500

FINAL JEOPARDY ANSWER Name and describe the 3 C’s of credit ?

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?