Jeopardy Credit Q & A

Taxes

100

The total amount of money earned before paycheck withholdings

What is gross pay

200

The check amount also referred to as take home pay. 

What is net income

300

Official documents that U.S. taxpayers can use to file their annual income tax return

What is the 1040 Form

400

U.S. government agency responsible for tax collection and tax law enforcement.

What is the IRS

500

The tax form return to you in January from your employer which shows your yearly withholdings. 

What is the w2 form

Credit Report

100

Record, created by the CRA, of an individual's credit history

What is a credit report

200

The-digit number that creditors use to predict a person's future bill-paying behavior

What is credit score

300

The borrower repays a specific number of equal payments, such as an automobile loan 

What is closed-ended credit 

400

Experian, TransUnion, or Equifax are types of these...

What are CRAs

500

Name three things that contribute to credit score.

What are: on time payments, oldest line of credit, credit utilization, recent inquiries, new accounts, & available credit

Credit

100

Borrowing someone else's money to pay for things.

What is credit? 

200

Number formulated to show your credibility. 

What is credit score?

300

This type of credit card can be used at various stores.

What is general label

400

The lowest amount possible that a credit card user us required to pay per month.

What is a minimum payment?

500

List and explain 2 of the 5 c's of credit. 

• Character—the applicant's credit history.
• Capacity—the applicant's debt-to-income ratio.
• Capital—the amount of money an applicant has.
• Collateral—an asset that can back or act as security for the loan.
• Conditions—the purpose of the loan, the amount involved, and prevailing interest rates.

Random

100

The cost the borrower pays for using someone else's money. 

What is interest?

200

An intentional effort to deceive another individual for personal gain

What is fraud

300

List three ways thieves access personal information. 

Going through mail, stealing purse/wallet, going through trash, skimming credit/debit card information, hacking a computer, unlocked cars, phishing email

400

Fee for charging more than your maximum credit line.

What is an over-the-limit fee?

500

Reports income from self employment earnings, interest and dividends, government payments, and more.

What is the 1099