Extra Credit
The general amount of time something remains on a credit report
What is 7 years?
Credit or Debit - Enables purchaser to enjoy goods or services before fully paying for them
What is credit?
On a card balance of $1,000, this is how much it will cost you if you pay the monthly minimum at 18%
What is $1,804?
The percentage that your housing should cost in comparison to your total income
What is the definition of application fee?
The range of possible credit scores
What is 300-850?
Credit or Debit - This card will charge periodic interest charges for the IRS
What is credit?
On a card balance of $1,000, this is how much it will cost you if you pay the monthly minimum + $10 at 13%
What is $1,231?
Your emergency savings should equal this many months of income
What is 3-6 months?
Federally sponsored corporation that insures accounts in national banks and other qualified institutions
What is the definition of Federal Deposit Insurance Company (FDIC)?
Credit or debit - A bank account that allows the depositor to write checks
What is debit?
The interest rate your credit card would have if you paid $1,704 after 7 years
What is 17%?
DOUBLE JEOPARDY! The meaning of a SMART goal
What is Specific, Measurable, Achievable, Realistic, and Time-bound?
Purchase of capital resources used to produce goods and services
What is the definition of investment?
The percentage of your credit score is affected by payment history
What is 35-40%?
Credit or Debit - Can have fees associated if you withdraw funds from an ATM
What is both?
On a card balance of $1,000, this is how much time you would save if you paid the monthly minimum + $10 for a credit card with 16% interest
What is 3.12 years?
The three types of banking institutions
What is traditional banks, credit unions, and un-banked institutions?
Self-funded retirement plan that allows contributions towards retirement
What is the definition of Individual Retirement Account (IRA)?
The effect that closing a credit card has on your credit score
Credit or Debit - Direct deposits can be set up for this type of account
What is debit?
The difference in cost of a $1,000 balance with 20% interest at the monthly minimum for 4 years + $10 AND a $1,000 balance with 14% interest at the monthly minimum for 6.2 years
What is $-47?
This percentage of monthly expenses should be spent on family necessities
What is 2-4%?
Interest computed on the sum of the principal and the interest previously paid
What is the definition of compound interest?