TRUE or FALSE? A debit card is electronically connected to the cardholder’s bank account.
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Transcript of TRUE or FALSE? A debit card is electronically connected to the cardholder’s bank account.
![Page 1: TRUE or FALSE? A debit card is electronically connected to the cardholder’s bank account.](https://reader035.fdocuments.us/reader035/viewer/2022062301/56649cc95503460f94990454/html5/thumbnails/1.jpg)
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A debit card is electronically connected to the cardholder’s bank account.
![Page 3: TRUE or FALSE? A debit card is electronically connected to the cardholder’s bank account.](https://reader035.fdocuments.us/reader035/viewer/2022062301/56649cc95503460f94990454/html5/thumbnails/3.jpg)
A credit score of 400 is excellent.
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It is impossible for an 18-year old to establish credit.
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Credit cards are legally required to disclose terms and fees.
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Some credit cards offer rewards or points toward a benefit to encourage usage.
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It is not advisable to pay off a credit card balance.
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Interest is charged even if your credit card balance is zero.
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Some credit cards will charge you an annual fee for the privilege of having it – regardless if you use it.
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Some credit cards will offer you a lower introductory rate and then increase your rate of interest after a period of time.
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Cardholders can be charged a higher interest rate for making balance transfers.
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Age, salary, race where you live and occupation all factor into your credit score.
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Paying your bills on time helps your credit score.
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Grace Period is the amount of time you have to pay your credit card bill before you start accruing interest.
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A credit score less than 500 is risky?
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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?
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This type of credit is a loan which the borrower must repay the amount in a specified number of equal payments?
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What is the maximum amount that can be charged on a credit card called?
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What is the cost of credit expressed as a percentage?
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What does A.P.R. stand for?
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A record of a consumer’s credit history?
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What is the number that summarizes an individual’s credit record and history?
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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?
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What does creditworthiness refer to?
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What does HELOC mean?
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What website supported by the federal government entitles consumers to one free credit report each year from each of the three major credit bureaus?
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What is the name credit expressed in dollars?
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What is the 3-digit range for credit scores?
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What is the name of our galaxy?
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How many dimples are on a golf ball?
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Name the three major credit reporting agencies in the U.S.?
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What’s another name for a credit score?
HINT: Originates from Fair Isaac Company
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Credit scores are calculated based on how many general factors?
35% - Payment history30% - Outstanding debt
15% - Length of Credit history10% - Pursuit of new credit10% - Types of credit in use
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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?
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How many planets in the solar system have rings?
Jupiter, Saturn, Uranus, and Neptune
all have rings.
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What is NOT an example of closed end credit?
All of the above
Credit cards
Automobile loans
Mortgages
Education loans
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Match some advantages and disadvantages to credit cards:
Advantage
Advantage
Disadvantage
Disadvantage
Advantage
Protection against fraud
Tempting to overspend
Convenient payment tool
Useful for emergencies
Interest can be costly
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Match the device to what it measures:
Stop Watch
Scale
Thermometer
Speedometer
Odometer
Distance
Temperature
Elapsed Time
Weight
Rate of Travel