Vocabulary
Vocabulary 2
Credit Cards
Payments
Miscellaneous
100
What percent should your debt to income ratio not exceed.
20%
100
What is Identity Theft?
Crime in which someone wrongfully obtains and uses another persons personal data in some way that involves fraud or deception typically for economic gain.
100
What is a credit card?
A plastic card that holds pre-approved credit which can be used for the purchase of items now and payment of them later.
100
What is Payment?
The action or process of paying someone or something, or of being paid.
100
True/False-it is good to be a co-signer on a credit card
false
200
What is chapter 7 in bankruptcy?
Chapter 7 is when you debt is wiped out, there is complete liquidation, and you get a clean slate.
200
What is a credit report?
A record of your personal financial transactions.
200
Why should you want to have a credit card? (list one) Why should you not want a credit card? (list one)
Necessary for Emergencies Making Hotel Reservations Renting A Car Develop A Credit History Convenience While Shopping Enjoy Goods and Services Now, Pay Later Take Advantage of Rewards Credit costs money Its easy to over spend It it ties up future income It can destroy your credit rating
200
True/False Paying the minimum payment is the best way to pay for credit card debt.
FALSE
200
What are some do's and dont's when having a credit card?
do's paying the amount charged to a credit card in full everymonth dont make late payments do pay credit card payments ontime dont only may the minimum payment due do keep track of all charges by keeping receipts dont go over the cards credit limit etc..
300
What is Collateral?
Collateral is what the banks can take back if you dont pay.
300
How do you avoid becoming a victim of Identity Theft?
Be stingy about giving out your personal info Check your financial information regularly Ask periodically for a copy of your credit report Maintain careful records
300
What are the four major credit cards? (list one)
Visa MasterCard Discover American Express
300
What can a credit card pay for?
virtually anything goods services
300
What are some advantages of using a credit card?
convenient useful for emergencies often required to hold a reservation purchase expensive items possibility of reveiving bonuses, such as frequent flyer miles anc cash rebates
400
In regards to loans, what is principle?
The money you promise to repay.
400
What should you do if you become a victim of Identity Theft?
Contact Federal Trade Commission Post Office Social Security Internal Revanue Service Contact the three credit bureaues Police
400
What are the 4 C's of credit?
character capacity capital collateral
400
What type of loan is a credit card?
short term loan
400
What are some disadvantages of using a credit card?
paying interest if balance is kept on card additional fees may apply if card is not used properly tempting to overspend responsible for lost/stolen cards risk of identity theft
500
What does APR stand for and what is it?
APR - Anual Percentage Rate, it is the interest rate over the course of a year.
500
What does SCAM stand for?
S- Stingy C- Check A- Ask M-Maintain
500
What should you watch out for when having a credit card? (nothing to do with identity theft)
double cycle billing high limit cards late payment fees
500
When a card holder only pays the minimum balance every month what will they gain a lot of?
lots of interest and make slow progrerss toward paying off what is owed on the credit card
500
Who are usually the people to steal other peoples identities? 70% .. who?
Up to 70% of all identity theft cases are inside a job-by a coworker or an employee of a buisness that you patronize.
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