Managing Credit
What is the range for FICO Credit Score
300-850
What type of loan is given to purchase a car?
Auto
What type of degree is earned after 2 years, usually at a community college
Associates
For profit financial institution
Bank
Type of economic system where the government controls who, what, and how things are produced
Command
Interest (APR)
A type of credit card that requires a form of collateral to secure the card
Secured Credit Card
The cost to attend a college or university is known as the ___
Tuition
You want to find a Savings account with a __ APR because you will gain more money over time
Higher
___ is the decreasing value of money over time
Inflation
Debt payment method where you target interest first
Avalanche
A line of credit that allows you to borrow and pay as much or as little as you want over time
Revolving
___ costs are set by the University and must be paid in order to attend
Direct
A __ is a time based deposit
Certificate of Deposit (CD)
___ is how we measure the health of our economy
Gross Domestic Product (GDP)
Act that requires credit card companies to clearly define the "terms" of the card
Credit Card Act of 2009
___ takes place when you default in your mortgage loan and the bank takes possession of your home
Foreclosure
___ loans are granted to graduates and undergraduates and do not require the student to demonstrate financial need
Unsubsidized
Venmo or Cash App is an example of a __
Peer to Peer Payment
___ policy allows congress to tax or spend money in order to regulate the economy
Fiscal
Act that allows consumers to dispute charges to their credit card within 60 days without impacting their credit
Fair Credit Billing Act
The process of breaking up your monthly payment into principal and interest
Amortization
___ are granted to individuals who demonstrate a skill or have an achievement and help reduce the cost of college
Scholarship
A __ fee is given to individuals who transfer money from one bank to another
Wire transfer
The law of supply states:
If the price of a good increases, so will the quantity supplied OR if the price of a good decreases, so will the quantity supplied