Credit and Debit
What is the difference between a credit and debit card?
What is the formula for credit available?
Limit - balance = credit availabe
Where does the money come from when you deposit or write a check?
From one bank account to another.
A place that does not take your insurance is?
Out of Network
What range of credit is considered good.
670 or higher
Overdraft fees only happen to what type of account?
Bank accounts
What is the formula for monthly APR %?
(APR% / 12) x 100 = Monthly APR %
If a check is not accepted what other prepaid form of payment can you use?
Money orders
What you pay before insurance kicks in.
Deductible
Sam got car insurance on June 1st, 2025. However, she was in an accident on May 30th, 2025 and tried to get reimursed since she was not at fault. What would happen?
Sam would receive no help or money from the insurance company being that on the day of her accident she had no insurance coverage.
True or False: To get a debit or credit card, you have to pay for a new one.
False
What is the formula for utilization percentage?
(Balance / Limit) x 100= Utilization %
What types of checks are not prepaid?
Personal check and certified checks.
What is a claim?
A formal request the policyholder makes to the insurance company for financial reimbursement or coverage
Daily Double!!!
You got approved for a $2,000 credit card and your APR is 23.99%. You spent $589.27 for the first month. What would your first monthly minimum payment be on your credit card?
List two ways your credit score will drop.
missed payments, pay late, multiple credit cards open, running your credit score to check and apply for loans multiple times
What is the formula to calculate the first monthly payment on your credit card?
Balance x Monthly APR % = First Month Payment ($)
What is the diiference between a bounced check and a voided check?
Bounced is due to insufficient funds and voided is an invalid check.
Lea is a young adult and rarely goes to the doctor's. What type of health insurance plan should she get? Why?
Low premium, high deductible, medium coverage. Her monthly cost would be less which is best for her because she doesn't go to the doctors often so the deductible would not be as important to her.
The hospital ran tests on you and at the end your bill was $1,568.28. However, that hospital is out-of-network and your plan only covers 70% for out-of-network charges. How much will you have to pay for this visit?
$470.48