Show What You Know #4 Economics

Front

The amended Credit Card Act also addresses what?

Back

“College affinity credit cards,” which are credit cards issued as part of an agreement between a college student and an institution of higher education.

Front

True or False: These are the things that you should consider before opening a bank account, what is the minimum balance on the account, what is the interest rate of the account, is there a monthly service charge on the account, what are the fees for ATM and check usage, what is the “footprint” of the bank, is a credit union a better option for me than a bank based on the expenses and benefits of each and is mobile banking available?

Back

True

Front

What is an insurance policy?

Back

It is a contract. In exchange for a fee (the premium), the insurance company promises to pay a person (the “insured”) if a certain insurable event happens.

Front

What types of income are taxable? Options: Stole or miscopied money, Gifts, Wages and salaries, Inheritance

Back

Wages and salaries

Front

How do you get a good credit rating?

Back

Most creditors want to know about your record of handling credit, how reliably you have repaid past debts.

Front

How does the Card Act affect my ability to hold a credit card?

Back

Requires people under age 21 to either document their ability to repay the debt or have a co-signer before being granted credit.

Front

What is credit?

Back

By promising to pay in the future for something you receive in the present.

Front

What services are provided by the taxes you pay? Police and fire protection, Public schools, Public parks

Back

All of the above

Front

What is a credit score?

Back

It is used to help creditors evaluate your ability to repay a loan.

Front

What is COBRA?

Back

A federal law that allows employees and their dependents to continue a group health plan after they lose eligibility in the plan.