Credit vs. Debit
Vocabulary
Paying for College
Credit Reports
Lifetime Income
100
Money is withdrawn directly from a checking or savings account.
What is DEBIT
100
To take money out of an account
What is WITHDRAWAL
100
Borrowed amounts of money to pay for education
What is STUDENT LOANS
100
True or False Paying my bills late will most likely cause my credit score to go down
What is TRUE
100
Calculate the lifetime income of a Medical Secretary who has an annual salary of $32,350. Assume a career of 30 years.
What is $970,500
200
Consumers can purchase items now and pay for them later.
What is CREDIT
200
To add money to an account
What is DEPOSIT
200
Awards from non-profit organizations; money used to help pay for college
What is GRANTS
200
True or False My credit report cannot affect my future ability to obtain a loan.
What is FALSE
200
Calculate the lifetime income for an Accountant who has an annual salary of $61,690. Assume a career of 30 years.
What is $1,850,700
300
Interest may be charged, but can be avoided by paying the entire balance each month.
What is CREDIT
300
A charge for the use of a credit or borrowed money if the balance is not paid off in a set amount of time
What is INTEREST
300
Money that is set aside for the future
What is SAVINGS
300
True of False Negative actions on a credit report usually remain for 7 years.
What is TRUE
300
Calculate the lifetime income for a Nursing Aide who has a annual salary of $24,010. Assume a career of 30 years.
What is $720,300
400
Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What card did he use?
What is DEBIT card
400
A type of transaction the occurs when money is moved between accounts
What is TRANSFER
400
A program providing financial aid in return for a student labor
What is WORK STUDY
400
The effects of making a late car payment 6 months in a row.
What is LOWER YOUR CREDIT SCORE
400
Compare the lifetime income of the Nursing Aide and the Medical Secretary.
What is A DIFFERENCE OF $250,200
500
Convenient to use.
What is DEBIT and CREDIT cards
500
The movement or exchange of money
What is TRANSACTION
500
Awards for good performance: Money used toward college
What is SCHOLARSHIP
500
The person more likely to get a loan. Name & Credit score: A. Bailey 665 M. Burton 570 R. Evans 774 J. Moore 825
Who is J. MOORE
500
Compare the lifetime incomes of the Accountant and the Nursing Aide.
What is A DIFFERENCE OF $1,130,400
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