Debt
Making only the minimum payment on this type of card can keep you in debt for a longer time.
What is a credit card
This type of loan is typically repaid after a student graduates or leaves college.
What is a student loan
People get this to protect themselves from large, unforeseen expenses
What is insurance
What is the difference between a want and a need?
What is: Needs are things you must have to survive, while wants are for pleasure or convenience.
What is a type of money that is given to you do not have to pay back
What is a scholarship or grant?
What is a perfect credit score?
850
One way to save on student loans is to pay this while still in school.
What is the interest
If a contract is not in writing, is it still valid?
YES, it is legally binding.
What is the purpose of federal income taxes?
To fund government programs and services
Which purchase is most likely to be paid in installments?
-Car
-house
-Phone
Mr. A's discretion
This is the risk of taking on too much consumer debt
What is a lower credit score
This type of loan typically has 600%-800% interest
What is a payday loan?
This is the amount you pay for covered medical services before your insurance company starts to pay
What is a deductible
What is one way your identity can be stolen
Teacher's discretion
Is it better to have a higher or lower interest rate on loans?
What is lower?
What happens if you only make the minimum payment on a credit card?
The remaining balance will increase over time and you will pay more in the long run
This type of mortgage is risky because the interest rate can change and increase over time.
What is an adjustable-rate mortgage
With a coinsurance of 30% it means.
You pay 70% of the bill, and insurance pays 30% of the bill.
Assume you got into an accident and have a coinsurance of 70% that mean?
What is: You pay 30% of the amount due, and insurance pays 70%.
This is a term for multiple payments over time, often used for large purchases like a car.
What are installments?
This is the most important factor in determining your credit score
What is payment history
This is the portion of a home's value that you have paid for and own
What is equity
The highest amount you will have to pay for covered services in a plan year is called this.
What is the out-of-pocket maximum?
What is the out-of-pocket maximum?
The most you will pay for covered medical services in a policy year. After reaching this limit, insurance pays 100% of covered costs.
A key feature of this kind of lender is offering guaranteed approval regardless of credit history.
What is a predatory lender