EPF, Module 15: Credit

Open Ended

What is a song you have been feeling lately heading into the end of the year?

Multiple Choice

Which of the following is most likely to be affected by your credit history?

• Your ability to get a loan

• Your favorite TV show

• The weather tomorrow

• Your pet's health

Open Ended

Why is understanding credit important for managing your personal finances?

Open Ended

Reflect on a time where you borrowed from or lent money to someone. Who did the loan involve? What was the agreement for repayment? Did the agreement work out the way you anticipated? Were both people happy at the end?

Multiple Choice

Which of the following are types of credit?

• Loans and Credit Cards

• Stocks and Bonds

• Savings Accounts

• Insurance Policies

Multiple Choice

What is the main difference between 'credit' and 'interest' as described in the text?

• Credit is the amount you borrow, while interest is the amount you pay to use someone else's money.

• Credit is the amount you pay, while interest is the amount you borrow.

• Credit is a type of loan, while interest is a type of credit card.

• Credit is free money, while interest is a fee for saving.

Multiple Choice

Based on the information in the first two slides, why is it important to understand the terms of a formal loan from a financial institution?

• To ensure you get a fair deal and avoid unexpected costs.

• Because friends might not lend you money.

• So you can avoid paying any interest.

• Because banks always offer the best deals.

Open Ended

How does the diagram with the two containers help explain the concept of a line of credit and spending?

Multiple Select

Which of the following are typically included in a Schumer Box?

• Annual Percentage Rate (APR)

• Minimum Interest Charge

• Credit Score Requirement

• Penalty Fees

Open Ended

What is a Schumer Box and why is it important when considering a credit card offer?

Open Ended

What is a credit score and credit report?

Open Ended

If you purchase a $750 Playstation 5 bundle on credit and only make the minimum payments, how long will it take to pay off the credit card bill?

Multiple Choice

Which of the following is the largest factor in determining your credit score?

• Payment history

• Amounts owed

• Credit history length

• New credit

Multiple Select

Which of the following are factors that affect your credit score?

• Payment history

• Amounts owed

• Credit mix

• Annual income

Open Ended

Based on the images, why is it important to understand your credit score when using credit cards?

Multiple Choice

Which of the following is NOT a consequence of having bad credit, according to the text?

• Higher insurance rates

• Better employment opportunities

• Higher interest charges

• Difficulty renting an apartment

Open Ended

Using the graphic above, how much more will a person with poor credit pay over the course of a single year than a person with great credit? Over the course of a 30 year mortgage?

Multiple Choice

Based on the FICO Score Meter, what score range is considered 'good' credit?

• 300-579

• 580-669

• 670-739

• 800-850

Multiple Choice

Which of the following are typically included in a credit report?

• Personal identification information

• Public records

• Requested credit files

• All of the above

Open Ended

Explain how the amount owed and payment history impact your FICO score, using the information from the images.

Open Ended

What is one question you still have about credit after completing this module?

Multiple Choice

What topics were covered in Module 15 based on the session overview?

• Worksheets, Investing, Credit, Flex Friday, Module 14: To-Do

• Budgeting, Saving, Loans, Insurance, Taxes

• Economics, Entrepreneurship, Marketing, Accounting, Ethics

• Spending, Borrowing, Real Estate, Retirement, Healthcare