TRUE or FALSE? A debit card is electronically connected to the cardholder’s bank account.

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Presentation transcript:

TRUE or FALSE? A debit card is electronically connected to the cardholder’s bank account.

TRUE or FALSE? A credit score of 400 is excellent.

TRUE or FALSE? It is impossible for an 18-year old to establish credit.

TRUE or FALSE? Credit cards are legally required to disclose terms and fees.

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

TRUE or FALSE? It is not advisable to pay off a credit card balance.

TRUE or FALSE? Interest is charged even if your credit card balance is zero.

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

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

TRUE or FALSE? Cardholders can be charged a higher interest rate for making balance transfers.

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

TRUE or FALSE? Paying your bills on time helps your credit score.

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

TRUE or FALSE? 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 history 30% - Outstanding debt 15% - Length of Credit history 10% - Pursuit of new credit 10% - 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 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