CCNA2 v3 Module 6

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Personal Finance
JEOPARDY
Credit Review
Definitions
Types of
Credit
4 C’s of
Credit
Your
Rights
Credit
Report
Potpourri
Final Jeopardy
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Definitions
100
The amount of money that is loaned
on trust with the expectation it will be
repaid later.
Question
A: What is credit?
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Definitions
200
The entire amount of money you owe.
\\
Question
A: What is debt?
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Definitions
300
Record of your behavior relates to
borrowing and repaying loans.
Question
A: What is a credit history?
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Definitions
400
Rating used by credit reporting
companies to help lenders decide
whether to extend credit to a borrower.
Question
A: What is a credit score?
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Definitions
500
Allows credit card companies to
increase your interest rate if you
make just one late payment.
Question
A: What is universal default?
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Types of Credit
100
Items are paid for in a single payment after
the purchase.
~Utility Companies, Medical Services
.
Question
A: What is single payment credit?
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Types of Credit
200
Fixed payments – set period of time
to repay.
~car/mortgage loans
Question
A: What is installment/closed end?
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Types of Credit
300
No stated payoff time, minimum
monthly payments, limit to credit,
interest rates.
.
Question
A: What is revolving credit/open end?
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Types of Credit
400
Open-End Credit is also known as…..
Question
A: What is to revolving credit?
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Types of Credit
500
Closed-end credit is also known as…..
Question
A: What is installment credit?
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4 C’s of Credit
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Name the 4 C’s of credit.
Question
A: What is capital, character, collateral and capacity?
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4 C’s of Credit
200
Asset that lenders can take from you if you do
not repay the loan as promised.
~home loan, car loan
.
Question
A: What is collateral?
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4 C’s of Credit
300
Looks at if you’ve been working regularly in
an occupation that is likely to provide enough
income to support your credit use.
Question
A: What is capacity?
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4 C’s of Credit
400
From your credit history, does it look like
you possess the honesty and reliability to
pay creditor debts?
Question
A: What is character?
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4 C’s of Credit
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Do you have any valuable assets such as
real estate, savings or investments that
could be used to repay credit debts if
income is unavailable?
Question
A: What is Capital?
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Your Rights
100
Ensures customers are fully informed
about the cost/conditions of
borrowing.
.Question
A: What is the Truth in Lending Act?
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Your Rights
200
Prohibits discrimination in giving credit on the
basis of sex, race, color, religion, national
origin, marital status, age, or receipt of public
assistance.
Question
A: What is the Equal Credit Opportunity Act?
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Your Rights
300
Sets up procedures for the quick
correction of mistakes that appear on
credit accounts.
Question
A: What is the Fair Credit Billing Act?
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Your Rights
400
Protects the privacy and accuracy of
information in a credit check.
Question
A: What is the Fair Credit Reporting Act?
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Your Rights
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Prevents abuse by professional debt
collectors and applies to anyone
employed to collect debts owed.
Question
A: What is the Fair Debt Collections Practices Act?
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Credit Report
100
Detailed record of your personal
credit transactions.
Question
A: What is your credit report?
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Credit Report
200
Name 3 things found in your credit
file.
Question
A: What is your name, addy, SS#, b-day, employer,
position, income, previous addresses, previous
employers, spouse (name, SS#, employer, income),
rent vs. own, NSF, credit info (date, amt, terms, type
of credit, payments late/missed)?
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Credit Report
300
Name 3 ways you can get and
keep a good credit score.
Question
A: What is Make sure your credit report is accurate, Pay
bills on time, Apply for credit only when needed,
Lower balances on accounts, Pay off debt rather than
move it around?
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Credit Report
400
Name the 4 ways your credit score is
determined.
Question
A: What is 1.
2.
3.
4.
Payment History
Overall Debt
Credit Account History
Types of Credit?
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Credit Report
500
Name a credit bureau where you can
request a copy of your credit report.
Question
A: What is Experian,Trans Union, and Equifax?
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Potpourri
100
According to the rule of thumb, what
percentage of your income should be
designated to living expenses.
Question
A: What is 70%?
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Potpourri
200
Name 2 advantages of using credit
cards.
Question
A: What is get items now, build credit history, quick source of
$ during emergencies, No charge if bill is PIF, and
consumer protection ?
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Potpourri
300
Straight bankruptcy where many debts
are forgiven.
Question
A: What is Chapter 7?
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Potpourri
400
Name 3 sources where you can obtain
credit.
Question
A: What are banks, credit unions, department stores, auto
dealerships, oil companies, life insurance companies and
Federal Government?
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Potpourri
500
Used like credit cards, but are not
credit cards because the balance is
due in full each month.
Ex: AMEX
Question
A: What are Travel and Entertainment Cards?
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Final Jeopardy
Name 2 advantages and 2 disadvantages of
using credit.
Question
A: Advantages:
Buy things now
Don’t have to carry cash
Record of purchases
Convenient
Consolidates bill
Disadvantages:
Interest
Fees
Financial Difficulties Arise
Impulse Buying
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