Consumer Ed Review Game

JEOPARDY! Credit Contracts Warranties Investment Housing 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

100 Credit is a contractual agreement in which a ________ receives something of value now and agrees to repay the __________ at some date in the future, generally with interest. Borrower; Lender

200 Your credit score may be used to determine your eligibility to do these things. Apply for a car/home loan; Rent an apartment; Purchase a cell phone

300 This could cause the APR on your credit card to go up to 30% Paying bills late, missing a payment, spending over the card’s limit, paying an amount less than the minimum

400 Although one should usually avoid credit cards with annual fees, this is an exception to the rule. Valuable; rewards program; rewards points; trying to repair bad credit

500 Although predatory lending practices can lead to ruined credit, unmanageable debt and even homelessness for borrowers, these practice are generally ________ according to the courts. legal

100 A contract is an agreement between two or more people to exchange something of value creating obligations that are enforceable by _______. Law

200 These are the three essential elements of a contract. Offer, Acceptance, Consideration

300 Name one situation where a contract becomes invalid Minors, Drunk/Drugs, Mental handicap

400 When must a contract be written? $500 or more; land contracts, loan contracts

500 This is the name for a contract that is so unfair that courts will not uphold them Unconscionable Contract 12

100 A warranty is a promise or guarantee made by the seller about the _________ of goods which details what the seller will do to remedy the situation if a problem with the goods occurs Quality

200 An “express warranty” can be expressed in these ways. Written, Verbal/Oral, Demonstration

300 This is an unwritten/unstated promise that a product will perform as it is supposed to. Implied Warranty

400 This is a type of express warranty that covers SOME defects in a product, but not all. Limited Warranty

500 If you purchase an item from another person you should be able to assume the item belonged to them because of this implied warranty. Warranty of Title

100 When you purchase one of these, you are essentially loaning money to a corporation or to the government for a certain period of time, called a term. This certificate promises the corporation or government will repay you on a specific date with a fixed rate of interest. Bond 24

200 A portion of ownership in a corporation that represents a claim on part of the corporation's assets and earnings, but also shares the risk if the company fails. Stock 45. What are the names of the other two major gods of Hinduism?

300 This is an example of an asset Cash, stocks, bonds, property, etc. 9

Complete the formula ________ -Age: Percentage of Stocks 400 Complete the formula ________ -Age: Percentage of Stocks 100

500 This is the name for retirement savings plans that are funded by your employer. 401K

100 This is what one calls a lease that specifies that the tenant agrees to live in the apartment for a full year. Tenancy for years 11

200 When a tenant lives in an apartment, but hasn’t signed a lease this is called: Tenancy-at-will 5

300 A tenant should always do these two things before renting an apartment Inspect the Premises and thoroughly read the lease

400 This is the only time when a tenant can stop paying rent Breach of implied warranty of habitability

500 The landlord has a legal duty to ensure that no tenant unreasonably disturbs other tenants in the building with excessive _________. Noise