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What is
it?
5
10
15
20
25
Types of
Credit
5
10
15
20
25
Comparing
Credit
5
10
15
20
25
Name
It!
5
10
15
20
25
Keeping
Score
5
10
15
20
25
0
Team One
0
Team Three
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Team Five
0
Team Two
0
Team Four
0
Team Six
What is it?
Question for 5 Points
What is the amount you
pay to use someone
else’s money?
Show Answer
What is it?
Answer for 5 Points
Interest.
Back to Board
What is it?
Question for 10 Points
What is an amount of
money, or something of
value, that is loaned on trust
and with the expectation
that it will be repaid at a
later date?
Show Answer
What is it?
Answer for 10 Points
Credit.
Back to Board
What is it?
Question for 15 Points
What is the amount of
money someone is willing to
loan you? (This is also the
amount that is still owed on
a loan.)
Show Answer
What is it?
Answer for 15 Points
Principal.
Back to Board
What is it?
Question for 20 Points
What is the term that
describes the total amount
of what it costs to use
credit in a given year?
Show Answer
What is it?
Answer for 20 Points
Annual Percentage
Rate (APR).
Back to Board
What is it?
Question for 25 Points
What is a fee on credit
cards for making
charges above your
credit limit?
Show Answer
What is it?
Answer for 25 Points
Over-the-limit fee.
Back to Board
Types of Credit
Question for 5 Points
What type of loan is
used to cover
educational expenses?
Show Answer
Types of Credit
Answer for 5 Points
A student loan.
Back to Board
Types of Credit
Question for 10 Points
What piece of plastic,
issued from banks, credit
unions, stores and gas
stations, is used to make
purchases?
Show Answer
Types of Credit
Answer for 10 Points
A credit card.
Back to Board
Types of Credit
Question for 15 Points
What type of loan
is used to
purchase a home?
Show Answer
Types of Credit
Answer for 15 Points
A mortgage.
Back to Board
Types of Credit
Question for 20 Points
What type of loan might be
used for large purchases such
as a car or an appliance, often
with monthly payments that
are set for the life of the loan?
Show Answer
Types of Credit
Answer for 20 Points
An installment loan.
Back to Board
Types of Credit
Question for 25 Points
What is the typical
term or length of a
mortgage loan?
Show Answer
Types of Credit
Answer for 25 Points
15-30 years.
Back to Board
Comparing Credit
Question for 5 Points
This is usually seen on
credit card statements to
represent the actual dollar
cost of using credit to
maintain a balance.
Show Answer
Types of Credit
Answer for 5 Points
Finance charge.
Back to Board
Types of Credit
Question for 10 Points
What is the maximum
amount of credit a
lender will extend to a
customer?
Show Answer
Types of Credit
Answer for 10 Points
Credit limit.
Back to Board
Types of Credit
Question for 15 Points
On a credit card, the
length of time you have
before you start
accumulating interest on
an unpaid balance.
Show Answer
Types of Credit
Answer for 15 Points
Grace period.
Back to Board
Types of Credit
Question for 20 Points
What is the term for the
amount that credit card
companies can charge for
the use of a credit card?
Show Answer
Types of Credit
Answer for 20 Points
Annual fee.
Back to Board
Types of Credit
Question for 25 Points
What is the phrase that
describes the length of
time you have to pay off a
loan?
Show Answer
Types of Credit
Answer for 25 Points
A loan term.
Back to Board
Name It!
Question for 5 Points
Explain the
70-20-10 Rule.
Show Answer
Name It!
Answer for 5 Points
•Spend 70% of income on
living expenses
•Save or invest 20% of income
for financial goals &
emergency expenses
•Spend 10% on debt
payments
Back to Board
Name It!
Question for 10 Points
What is a legal process to
get out of debt when you
can no longer make all of
your required payments?
Show Answer
Name It!
Answer for 10 Points
Bankruptcy.
Back to Board
Name It!
Question for 15 Points
Name three (3)
benefits of using credit.
Show Answer
Name It!
Answer for 15 Points
(Answers will vary - Name 3)
•Convenience
•Protection
•Emergencies
•Opportunity to build credit
•Quicker gratification
•Special offers
•Bonuses
Back to Board
Name It!
Question for 20 Points
Describe the
4 C’s of Credit.
Show Answer
Name It!
Answer for 20 Points
1. Collateral (asset to be taken if
2.
3.
4.
loan not paid)
Capital (personal items of
value)
Capacity (ability to repay
loan)
Character (trustworthy)
Back to Board
Name It!
Question for 25 Points
Name three (3)
risks of credit.
Show Answer
Name It!
Answer for 25 Points
(Answers will vary - Name 3)
•Interest
•Overspending
•Debt
•Identity Theft
Back to Board
Keeping Score
Question for 5 Points
What is a detailed record
of your personal credit
and financial
transactions?
Show Answer
Keeping Score
Answer for 5 Points
A credit report.
Back to Board
Keeping Score
Question for 10 Points
What is a rating used by
credit reporting companies
to help lenders decide
whether and/or how much
credit can be extended to a
borrower?
Show Answer
Keeping Score
Answer for 10 Points
A credit score or
credit history.
Back to Board
Keeping Score
Question for 15 Points
Name three (3) behaviors
that help build a good
credit history and score.
Show Answer
Keeping Score
Answer for 15 Points
(Answers will vary – Name 3)
•Pay bills on time
•Consistently add to savings
•Be choosy about credit cards
& loans
•Maintain low balance on credit
card & pay off each month
Back to Board
Keeping Score
Question for 20 Points
Name three (3)
behaviors that can hurt
your credit history and
score.
Show Answer
Keeping Score
Answer for 20 Points
(Answers will vary – Name 3)
•Making late payments
•Bouncing checks
•Having many credit cards/loans
•Changing credit cards often
Back to Board
Keeping Score
Question for 25 Points
What are the three (3)
main credit reporting
agencies in the
United States?
Show Answer
Keeping Score
Answer for 25 Points
Equifax
Experian
TransUnion
Back to Board
Show Question
“Big Points”
Question
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What is the law which requires
lenders to tell you in writing the
interest rate and total finance
charge before you sign a credit
application?
Show Answer
Big Points
Answer
The Truth in
Lending Act.
Back to Board
Big Board Facts
© 2010 Jeff Ertzberger
All rights reserved.
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This presentation was adapted February 2014 by Lori Hendrickson,
Extension Educator – Family Resources Management (lhend@umn.edu).
It is used by permission.
End