CREDIT CARDS
LOANS
SHOPPING
Rights & Responsibilities
MISC
100
The cost of credit expressed in dollars and cents is known as this....
What is finance charge?
100
The amount of money you originally use or borrow from a lender....
What is principal?
100
Money spent on luxury items such as entertainment, extra shoes and ice cream.
What is discretionary income?
100
Money a renter gives an owner to hold in case rent is not paide or damage is done to a rental property is known as this.
What is a security deposit?
100
What two scarce resources do you need to consider when you are buying necessities?
What are time and money?
200
The cost of credit expressed as a yearly percentage.
What is APR -- annual percentage rate?
200
A loan that the borrower backs with collateral....
What is a secured loan?
200
Getting information on the types and prices from different stores and companies is known as this.....
What is comparison shopping?
200
The first major federal law that expanded the government's role in protecting consumers is called this.
What is Truth in Lending?
200
This is an advertisement that attracts consumers with a low-priced product, then tries to sell the consumer a higher-priced product (this is illegal)
What is Bait and Switch?
300
There are 3 major credit agencies that allow consumers to check their credit rating...name one of them....
What is Experian, TransUnion or Equifax
300
The amount of money a borrower has to pay back for using a lender's money....
What is interest?
300
When shopping for clothes consumers generally look for 5 things; name 2 (two) of them.....
What is Style; durability or cost of care, comfort and/or price?
300
The law restricting the amount of interest that a lender may charge is ....
What is a Statue Usury Law?
300
This form of advertising attempts to persuade consumers that a product is different from and superior to any other.
What is Competitive advertising?
400
The Truth in Lending Act created this summary of the costs of a credit card in the United States
What is a Schumer Box?
400
Something of value that can be taken in place of money is known as this ...
What is collateral?
400
Consumers shop here if they are looking for lower prices and buy in bulk; these stores may have a limited number of brands.
What is a club warehouse store -- COSTCO
400
What right did President Nixon add to the protect consumers?
What is the Right to Redress (lemon laws)
400
This allows a customer to buy goods from a particular company and pay for them later.
What is a charge card or charge account?
500
One reason to use a credit card is to get installment debt -- most consumers buy these types of good using installment debt
What is a durable good?
500
This facility is owned and operated by its members to provide savings accounts and low interest loans only to its members.
What is a credit union?
500
There are several ways to keep from paying full price for an item these include (name one)
What is a coupon; generic brands; loyalty cards:
500
Not paying back your debt could result in a "straight bankrupcy liquidation" otherwise known as this....
What is Chapter 7 bankruptcy?
500
A special loan for buying land or property is known as this.
What is a mortgage?
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