Financial Planning and Credit

What is a credit score?

• What lenders use to see if you are able to pay back credit
• 3 numbers
• What your score on a test is that was worth credit

What is your job as a borrower?

• To pay back your loans promptly
• To borrow as much as humanly possible
• Spend your loans and not pay them back

Tags

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

What is credit?

• When one party provides money/resources to another party with the intention money gets paid back
• What you get when you finish a test and Mr. Beltz puts it in the gradebook

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Which of the following is an ADVANTAGE of credit?

• No need for carrying cash
• Annual Fees
• Interest Rates

The maximum amount you may borrow on a credit card is known as:

• creditworthiness
• credit report
• credit limit
• variable rate of credit

Tags

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.5

CCSS.RI.6.5

CCSS.RI.7.5

What is an annual fee? 

• The act of transferring money 
• A fee charged by a card issuer for being a card holder. 
• The days between the last statement and the current statement. 
• A fee charged to a cardholder's account once a payment is late. 

The cost of borrowing money is referred to as 

• Interest 
• Annual Percentage Rate 
• Credit 
• Credit Line 

Tags

CCSS.7.RP.A.3

You have to choose between getting a new t-shirt or going to the movies. You choose the t-shirt. What is the opportunity cost?

• getting a new t-shirt

• going to the movies

Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?

• studying for a quiz

• watching TV

• eating dinner

• taking a nap

Which one of these definitions best describe Opportunity Costs?

• The cost of making one decision over another.

• The cost for the opportunity to buy anything you want.

• The opportunity that will cost you loads of money.