A person or business that offers loans at extremely high interest rate.
What is payday loan?
100
A fee paid by a borrower to the lender for the use of borrowed money.
What is interest?
100
These are exams taking in May that can earn college credit depending on your score.
What are AP and IB exams?
100
This is amount charged for borrowing money.
What is interest?
100
These are the 3 C's of creditworthiness.
What are collateral, capacity, character?
200
Your X-box, your bike, your paid off phone are examples of this.
What is an asset?
200
Entertainment, food, clothing are all examples of this type of expense.
What are variable expenses?
200
This is the cost of college minus expenses for books, room and board.
What is tuition?
200
To use the simple interest formula, percentages must be converted to this.
What is a decimal?
200
Having a good credit report, having a history of paying your bills on time are examples of this "C" of credit.
What is character?
300
An obligation of repayment owed by one party to a second party.
What is a liability?
300
Saving for college, a house, and retirement are examples of this type of goal.
What is a long term goal?
300
This is a class you take in high school and at the same time earn credit at a community college.
What is a dual credit course?
300
John takes out a payday loan at 300% for two weeks. What number should be used to convert weeks into years for the simple interest formula?
What is 52?
300
Equifax, Experian and Transunion are all examples of this.
What are credit reporting agencies?
400
After taxes, you create your budget from this.
What is net income?
400
The percentage of your net income you should spend on housing.
What is 30%?
400
A way to finance college by taking job on campus and having that amount applied to your tuition.
What is work-study?
400
This is the rate charged on your credit card annually. It can range from 13% to as high as 36% by law.
What is APR? (Annual Percentage Rate)
400
The formula for computing credit scores was developed by this agency.
What is the Fair Isaac Corporation (FICO)?
500
The value of your assets minus your liabilities is called this.
What is net worth?
500
Researching three different cell phone plans to make an informed choice is called this.
What is a cost comparison?
500
The free form you and your parents complete to apply for federal financial aid.
What is a FAFSA?
500
The formula used to calculate simple interest on a loan.
What is I = P * R * T?
500
This is a pay structure in which the first participants receive payments for recruiting additional members. Ironically, the Social Security system is an example of this.