1. Finance In the Classroom
Credit Jeopardy
Finance In the Classroom

2. Finance In the Classroom
Note to Teachers
All answers are in the NOTES area below. To see the answers, be sure you are in the edit view of the PPT, not playing the PPT.
Feel free to make up your own questions.
Finance In the Classroom

3. Finance In the Classroom
Credit Jeopardy
Finance In the Classroom

4. In Charge of Credit Cards
Credit Jeopardy
It’s the Law
What’s My Score?
In Charge of Credit Cards
Do You Know?
$200
$400
$600
$800
$1000
Finance In the Classroom

5. Finance In the Classroom
The law that requires all banks to calculate credit costs the same way.
What is the Truth-in Lending Act?
Finance In the Classroom

6. Finance In the Classroom
Credit bureaus must investigate disputed items within this number of days.
What is 30?
Finance In the Classroom

7. Finance In the Classroom
The legal process in which people who cannot pay their debt must surrender most of their property.
What is bankruptcy?
Finance In the Classroom

8. Using someone else’s name to get cash or purchase goods.
What is identity theft or true-name fraud?
Finance In the Classroom

9. Finance In the Classroom
The purpose of the
Equal Opportunity Act.
A federal law that prevents lenders from denying credit on the basis of an applicant's sex, marital status, race, national origin, religion, or age, or because an applicant receives public assistance.
Finance In the Classroom

10. Finance In the Classroom
A credit bureau
Company that collects information about your credit history and sells it to lenders.
Finance In the Classroom

11. The three largest credit bureau companies.
What are Equifax, Experian, and TransUnion?
Finance In the Classroom

12. The name of the numerical credit rating that lenders use.
What is FICO?
Finance In the Classroom

13. Finance In the Classroom
The website that enables a consumer to obtain a free credit report annually.
What is annualcreditreport.com?
Finance In the Classroom

14. Factors that determine a good credit score.
What are good banking techniques, paying bills on time, no bankruptcy, no criminal record, etc?
Finance In the Classroom

15. Finance In the Classroom
The total annual percentage amount it will cost a person to use credit.
What is APR?
Finance In the Classroom

16. Finance In the Classroom
The time between the billing date and the payment due date when no interest is charged.
What is grace period?
Finance In the Classroom

17. The maximum amount a consumer is allowed to charge.
What is credit limit?
Finance In the Classroom

18. Finance In the Classroom
They are expensive, charge a high fee, and a high interest rate is charged.
What are reasons to avoid credit card cash advances?
Finance In the Classroom

19. If your credit card balance is $10,000, and the APR is 20%, you’ll pay roughly this amount in interest
(assuming you only make minimum payments).
What is $11,680? If you only make the minimum payments, it will take you more than nine years to pay off that $10,000 of debt. )
DAILY DOUBLE
Finance In the Classroom

20. Finance In the Classroom
An arrangement to receive cash, goods, or services now and pay for them in the future.
What is credit?
Finance In the Classroom

21. Finance In the Classroom
Agreeing to be responsible for loan payments if the borrower fails to make them.
What is a cosigner?
Finance In the Classroom

22. Ways to develop a good credit history.
What are avoid going over credit limit, make sure information on credit report is correct, pay bills on time,
Finance In the Classroom

23. Finance In the Classroom
The three Cs of credit.
What are capacity, capital, and character?
Finance In the Classroom

24. Finance In the Classroom
The percentage of take-home pay that should be used for debt payments (excluding mortgage).
What is 20-25%?
Finance In the Classroom