1. Personal Finance
JEOPARDY
Credit Review

2. Definitions
Types of
Credit
4 C’s of
Credit
Your
Rights
Credit
Report
Potpourri
F i n a l J e o p a r d y
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3. Definitions 100
The amount of money that is loaned on trust with the expectation it will be repaid later.
Question
A: What is credit?
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4. Definitions 200 Question The entire amount of money you owe.\\
Definitions 200
The entire amount of money you owe.
Question
A: What is debt?
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5. Record of your behavior relates to borrowing and repaying loans.
Definitions 300
Record of your behavior relates to borrowing and repaying loans.
Question
A: What is a credit history?
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6. Definitions 400
Rating used by credit reporting companies to help lenders decide whether to extend credit to a borrower.
Question
A: What is a credit score?
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7. Definitions 500
Allows credit card companies to increase your interest rate if you make just one late payment.
Question
A: What is universal default?
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8. Types of Credit 100 Question .
Items are paid for in a single payment after the purchase.
~Utility Companies, Medical Services .
Question
A: What is single payment credit?
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9. Fixed payments – set period of time to repay.
Types of Credit 200
Fixed payments – set period of time to repay.
~car/mortgage loans
Question
A: What is installment/closed end?
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10. Types of Credit 300 Question
No stated payoff time, minimum monthly payments, limit to credit, interest rates. .
Question
A: What is revolving credit/open end?
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11. Types of Credit 400 Question Open-End Credit is also known as…..
A: What is to revolving credit?
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12. Types of Credit 500 Question Closed-end credit is also known as…..
A: What is installment credit?
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13. 4 C’s of Credit 100 Question Name the 4 C’s of credit.
A: What is capital, character, collateral and capacity?
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14. 4 C’s of Credit 200
Asset that lenders can take from you if you do not repay the loan as promised.
~home loan, car loan .
Question
A: What is collateral?
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15. 4 C’s of Credit 300
Looks at if you’ve been working regularly in an occupation that is likely to provide enough income to support your credit use.
Question
A: What is capacity?
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16. 4 C’s of Credit 400
From your credit history, does it look like you possess the honesty and reliability to pay creditor debts?
Question
A: What is character?
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17. 4 C’s of Credit 500
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?
Question
A: What is Capital?
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18. Your Rights 100
Ensures customers are fully informed about the cost/conditions of borrowing. .
Question
A: What is the Truth in Lending Act?
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19. Your Rights 200
Prohibits discrimination in giving credit on the basis of sex, race, color, religion, national origin, marital status, age, or receipt of public assistance.
Question
A: What is the Equal Credit Opportunity Act?
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20. Your Rights 300
Sets up procedures for the quick correction of mistakes that appear on credit accounts.
Question
A: What is the Fair Credit Billing Act?
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21. Protects the privacy and accuracy of information in a credit check.
Your Rights 400
Protects the privacy and accuracy of information in a credit check.
Question
A: What is the Fair Credit Reporting Act?
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22. Your Rights 500
Prevents abuse by professional debt collectors and applies to anyone employed to collect debts owed.
Question
A: What is the Fair Debt Collections Practices Act?
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23. Detailed record of your personal credit transactions.
Credit Report 100
Detailed record of your personal credit transactions.
Question
A: What is your credit report?
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24. Name 3 things found in your credit file.
Credit Report 200
Name 3 things found in your credit file.
Question
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)?
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25. Name 3 ways you can get and keep a good credit score.
Credit Report 300
Name 3 ways you can get and keep a good credit score.
Question
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?
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26. Name the 4 ways your credit score is determined.
Credit Report 400
Name the 4 ways your credit score is determined.
Question
A: What is 1. Payment History Overall Debt Credit Account History Types of Credit?
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27. Credit Report 500 Question
Name a credit bureau where you can request a copy of your credit report.
Question
A: What is Experian,Trans Union, and Equifax?
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28. Potpourri 100
According to the rule of thumb, what percentage of your income should be designated to living expenses.
Question
A: What is 70%?
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29. Name 2 advantages of using credit cards.
Potpourri 200
Name 2 advantages of using credit cards.
Question
A: What is get items now, build credit history, quick source of $ during emergencies, No charge if bill is PIF, and consumer protection ?
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30. Straight bankruptcy where many debts are forgiven.
Potpourri 300
Straight bankruptcy where many debts are forgiven.
Question
A: What is Chapter 7?
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31. Name 3 sources where you can obtain credit.
Potpourri 400
Name 3 sources where you can obtain credit.
Question
A: What are banks, credit unions, department stores, auto dealerships, oil companies, life insurance companies and Federal Government?
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32. Potpourri 500
Used like credit cards, but are not credit cards because the balance is due in full each month.
Ex: AMEX
Question
A: What are Travel and Entertainment Cards?
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33. Name 2 advantages and 2 disadvantages of using credit.
Final Jeopardy
Name 2 advantages and 2 disadvantages of using credit.
Question
A: Advantages: Disadvantages:
Buy things now Interest
Don’t have to carry cash Fees
Record of purchases Financial Difficulties Arise
Convenient Impulse Buying
Consolidates bill
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