Insurance
Your family's car is hit by another car in a parking lot, and it needs a lot of expensive repairs. What type of insurance would help pay to fix the car?
Automobile Insurance
When your older brother gives you money to buy a new video game and you promise to pay him back with your allowance.
What is a loan?
A type of card that requires you to pay the full balance every month, and does not have a preset spending limit.
What is a charge card?
What are ways to eliminate debt?
Making a budget, paying bills on time, and putting extra money toward your debt.
You're playing basketball and roll your ankle while getting a rebound. The doctor says you need x-rays and a brace. What type of insurance would help your parents pay for the medical bills?
Health Insurance
The extra money you pay back to your brother for the use of their money after you get a loan from them.
What is interest?
A card that takes money directly from your bank account when you use it.
What is a debit card?
Paying your bills on time, only borrowing what you can afford, and using credit wisely are all examples of what important trait that affects your credit report?
Responsibility
A big thunderstorm knocks a tree over onto your family's garage. The garage is badly damaged, and a lot of the tools inside are broken. What type of insurance would help pay for the repairs and replace the damaged items?
Homeowner's Insurance
This percentage rate gives you a complete picture of a loan's cost for a year because it includes the interest rate plus any extra fees.
How does the APR measure the true cost of a loan?
A card that lets you buy things now and pay for them later, as long as you pay off at least a minimum amount each month.
What is a credit card?
If your parents want to buy a new house, the bank will look at this special report that shows if they are good at paying back money they borrowed. What is this report called?
Credit Report
A family's main money maker passes away unexpectedly. Their family still needs to pay for the house and everyday expenses. What type of insurance is a way to make sure the family has money to live on?
Life Insurance
Personal loans from a bank, using a credit card, or getting a mortgage to buy a house are all examples of these.
What are the different ways to borrow money?
This habit on a credit card is unwise because you will pay much more in interest and it will take a very long time to pay off your balance.
What is making only the minimum payment?
What are some methods to reduce or eliminate debt?
Snowball
Avalance
Spend Less/Make More Money