Extra Credit
The general amount of time something remains on a credit report
What is 7 years?
Credit or Debit - Enables purchaser to enjoy goods or services before fully paying for them
What is credit?
On a card balance of $1,000, this is how much it will cost you if you pay the monthly minimum at 18%
What is $1,804?
The percentage that your housing should cost in comparison to your total income
What is the definition of application fee?
The range of possible credit scores
What is 300-850?
Credit or Debit - This card will charge periodic interest charges for the IRS
What is credit?
The three major credit bureaus
Equifax, Experian, Transunion
Your emergency savings should equal this many months of income
What is 3-6 months?
Federally sponsored corporation that insures accounts in national banks and other qualified institutions
What is the definition of Federal Deposit Insurance Company (FDIC)?
Credit or debit - A bank account that allows the depositor to write checks
What is debit?
type of card that requires a deposit-used to build credit
secured credit card
DOUBLE JEOPARDY! The meaning of a SMART goal
What is Specific, Measurable, Achievable, Realistic, and Time-bound?
Purchase of capital resources used to produce goods and services
What is the definition of investment?
The percentage of your credit score is affected by payment history
What is 35-40%?
Credit or Debit - Can have fees associated if you withdraw funds from an ATM
What is both?
The three types of banking institutions
What is traditional banks, credit unions, and un-banked institutions?
Self-funded retirement plan that allows contributions towards retirement
What is the definition of Individual Retirement Account (IRA)?
The effect that closing a credit card has on your credit score
Credit or Debit - Direct deposits can be set up for this type of account
What is debit?
Credit score factors
Payment history, debt, new credit, types of credit, length of credit history
This percentage of monthly expenses should be spent on family necessities
What is 2-4%?
Interest computed on the sum of the principal and the interest previously paid
What is the definition of compound interest?