General Credit
What IS credit?
Borrowed money you agreed to pay back + interest.
What type of insurance pays for hospital visits?
Medical Insurance
What Loans do you need for college payment?
Student Loans
Jessie does not have a very great income. Should he consider paying a car in cash or taking out a loan?
Take out a loan
When you owe money to another person, what is this called?
Debt
When can you first sign up for a credit card?
At 18
What type of insurance protects your family in the case of your death?
Life insurance
Is it a smart idea to take out a payday loan? Why or why not?
No, they have high interest rates
Amelia can take a loan with a high interest rate but will be paid off soon or one with a lower rate that will take awhile longer. Which of these would be smarter for her to take?
The 2nd loan
What is the number that predicts how well you handle borrowed money?
Credit Score
If someone plans to be on planes a lot, what credit card should they get?
Travel Credit Card
You pay $50 a month for up to $7,000 in coverage; when requesting this money, you must pay $20. Which of these numbers is the Premium?
The $50 a month
A bank is giving out a loan of $10,000 with a 17% interest. How much will be paid back by the end of the payment period?
$11700
Brian does not have any insurance. Should he invest in life or medical insurance first?
Medical
What is an asset that will be taken if you do not pay a loan in time?
Collateral
What will happen when you fail to make credit card payment?
You will be charged a late fee and your credit score will drop.
How may someone attempt to take advantage of your car insurance?
They may intentionally cause an accident or injury and blame it on you, forcing your insurance company to pay them money.
Which of the following is not a sign of a scam loan?
A. Up front payments
B. Long pay periods
C. No customer reviews
D. High rates and short pay periodsB. Long pay periods
Bethany paid $205 in deductibles spread over 5 accidents. How much did she pay per deductible?
$21
What is the initial money you put up when paying for a house?
Down Payment
Name one of the three major credit reporting agencies.
Equifax, Experian, or Transunion
Which medical insurance can low income families apply for from the government?
Medicaid
If you take out a loan $5000 loan, and end up paying $5250 back, what was the insurance rate?
5% rate
Michael is offered 2 1 year credit plans. 1 is a 25$ a month payment with liability of $10. Plan 2
is a 20$ a month payment with a $15 liabillity. Both cover the same amount. If Michael gets injured exactly
6 times, which will he have to pay more on?
The first 1 will be more expensiv.
What is it called when your debt piles so high that you have to sell your assets to pay it off? (Form of bankruptc)
Liquidation/liquidity