personal finance
When using this card your are not borrowing; you are using your own money.
Debit card
If you owe money to someone, you are the ________.
What is borrower or debtor?
This person guarantees repayment of a loan in case the borrower defaults...
What is a co-borrower/co-signer/guarantor?
This is the the name of a bank account you use to save money.
What is a savings account?
This is the best type of student loan to receive.
What is a scholarship or grant (any FREE aid)?
This is a financial score that from ranges 300-850. What is it called?
What is credit score?
How do banks make money on credit (money loaned).
What is interest?
There are two types of interest. This is the one that is calculated based on the original principal.
What is simple interest?
The approximate yearly cost of borrowing money from a financial institution, including loan, fees, and interest.
What is APR (Annual Percentage Rate)?
Borrowed money is called
What is credit or loan?
True or false: Paying on time is one good way to improve your credit score.
What is true.
When you don't pay on a loan you are considered to be in...
What is default or debt?
When a bank takes back your house due to non-payment...
What is foreclosure?
Bad credit can mean you get turned down for an apartment or a...
What is an auto loan, low interest rates for credit, and even a job?
What is to fund government programs and provide security as people age?
True or False: You should always pay only the minimum amount due on a credit card.
False. Always pay more to reduce the interest paid.
Experian, Equifax, Transunion
What are the credit reporting agencies?
True or false: It is better to get scholarships and grants than to pay back student loans.
What is true?
Move money between bank accounts...
What is transfer?
This is another name for a house loan...
What is a mortgage?
The amount of your paycheck before taxes and other items are deducted.
What is a gross pay?
A new car loses value as soon as it is driven off of the lot. This is known as...
What is depreciation?
This type of interest is calculated based on the principal plus the interest that is accumulated (interest on interest)
What is compound interest?
This is the name of a retirement account taken out of your paycheck.
What is a 401K?
When people have serious debt issues they turn to a trusted one of these to help them make their payments.
What is a financial planner or credit counseling service?