Credit
What is the highest possible credit score
850
300-850
This is the amount of money you make before any money is withheld
Gross pay
Student loan..Good debt/Bad debt
Good debt
Invented by Karl Marx
Communism
What is the lowest possible credit score?
300
The total monetary value of all final goods and services produced within a country's borders in a specific time period, usually a year or quarter
GDP
Money is taken out of each paycheck to support this FEDERAL program that will pay you when you are of retirement age
Social Security
Mortgage on a house...Good debt/Bad debt
Good debt
Father of capitalism
Adam Smith
Give me one of the 4 "Cs" of Credit
Character
Capacity
Capital
Collateral
this kind of card instantly spends money directly from your bank account
Debit card
Your gross pay minus the amount of any withholdings
Net pay
A statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.
Credit report
Socialist or Socialism
The type of credit account that allows the borrower to repeatedly borrow up to a certain limit.
Revolving Credit
The U.S. central bank, created in 1913 to establish a monetary system that could respond effectively to stresses in the banking system.
Federal Reserve
The common abbreviation YTD stands for this
Year To Date
a three-digit number designed to represent the likelihood you will pay your bills on time
Credit score
A system based on private ownership of the means of production (factories, mines, businesses) and their operation for profit, where prices, production, and distribution are determined by market competition rather than state control.
Capitalism
Credit that accounts allow you to borrow a lump sum of money from a lender. Borrowed funds are paid back in fixed amounts, usually on a monthly basis.
Installment Credit
A physical or virtual payment card issued by financial institutions that allows cardholders to borrow funds up to a pre-approved limit to pay for goods and services.
Credit Card
True or false: you must pay income tax on money that is withheld for your healthcare or a retirement plan
False: this is non-taxable income
The cost you pay to the lender for borrowing money to finance your loan, on top of the loan amount or your principal.
Interest
Examples include- China, Cuba, Laos, North Korea, and Vietnam
Command Economies (communist countries)