Fill in the Blank
An individual's credit history is often represented in a three-digit number called a credit ________.
score
What is the purpose of purchasing insurance?
Insurance PROTECT YOU from financial loses should an unexpected event happen.
When you do not pay your credit card balance in full each month, you are charged interest by the bank.
True.
(If you do not pay your balance on time, you will be charged interest)
____ deposit is the pay that is deposited directly into your bank account.
Direct
Name two types of payment methods.
Debit card, credit cards, Cash, Apple Pay, Paypal, Venmo, Cashapp
Individuals with a high credit scores have a lower likelihood of qualifying for a loan.
FALSE
(Individuals with a high credit score are more likely to get approved for loans, people with lower credit scores are less likely)
A _______ is a belief or practice of what is important, desirable and worthwhile to an individual
What are at least three common services offered by most commercial banks?
1. Online Banking
2. 24/7 Account Access
3. Overdraft Protection
4. Loans
5. ATM Services (And many other things)
You will be charged interest if you pay your credit card balance in full each month.
FALSE.
(You will NOT be charged interest if you pay your balance in full each month)
_____ income is the amount of income left AFTER taxes are taken from your gross pay.
Net
The amount of money a person earns in one year from all sources BEFORE taxes
Gross Income
Your checking account should be used for daily expenses.
True
_____ Life insurance provides ongoing protection throughout the lifespan, but comes with a much higher price tag.
Whole
You get into an auto accident. The insurance company of the person who hit you covers the damages to you and your vehicle, but not their's. Which type of auto insurance do they have?
Liability insurance
When a consumer uses a debit card to make a purchase, funds are automatically deducted from their checking account.
True