Credit
How does rewards or cash back work with credit cards?
Credit card cash back rewards are bonuses provided to credit card customers when they use their cards.
What are installment loans?
Examples of installment loans include auto loans, mortgage loans, personal loans, and student loans.
What are some thigs you can do to decrease your debt?
Watch your "wants", get another job, pay more than minimum payment on credit card bill, etc.
What are some things auto insurance costs can be effected by?
Your age, type of car, driving record,etc.
What are the two animals used as symbols for the stock market?
Bulls and Bears
What does capital mean in regards to credit?
Capital is the amount of money that an applicant has.
What is credit worthiness?
how worthy you are to receive new credit. (Can they rely on you to pay it back?)
What is debt/income ratio?
You compare the amount you owe to the amount you earn
What is a deductible?
The amount you are responsible for paying in the event of an accident or something. (Insurance pays rest)
What does it mean to "buy a stock?"
When you buy a company's stock, you're purchasing a small piece of that company, called a share. Investors purchase stocks in companies they think will go up in value.
What is revolving credit?
credit that is automatically renewed as debts are paid off.
What do you call the sum total of all the money you owe?
Debt Load
How can creating a budget help you?
It helps you focus on how much you spend and save
What does homeowners insurance cover?
Floods, fire , theft, etc.
What is inflation?
Inflation is the rate at which prices for goods and services rise
What is single payment credit?
A loan paid off in one payment.
What are two things that will help you get approved for a loan?
A steady job and good credit score. Also not to have a lot of debt.
Too much debt can prevent you from getting a loan even with a good credit score.(True or false)
True
What is a beneficiary?
A beneficiary is the person you name in a life insurance policy to receive the death benefit.(Money)
What is the purpose of taxes?
Taxes provide revenue for federal, local, and state governments to fund essential services--defense, highways, police, a justice system
What does capacity mean when it comes to credit?
Capacity refers to the borrower's ability to pay back a loan. This is one of a creditor's most important considerations when lending money.
What is interest?
Interest is the percent of money the lender or company gets for giving you the loan
It is important to try and get a loan with the lowest interest rate. (true or false)
True
What is unemployment insurance?
Unemployment Insurance is a program that gives financial support to people who lose their jobs through no fault of their own.
What is a tax refund?
"Tax refund" is a reimbursement made to a taxpayer for any excess amount paid in taxes to the federal or state government.