Credit/Debt Review

Physical items a consumer can purchase and own

• goods

• services

• consumer

• producer

• debt

The additional money you must pay in order to borrow the money you need

• goods

• services

• consumer

• interest

• debt

Supplying utilities, skills, or resources to meet the needs of a consumer

• goods

• services

• consumer

• interest

• debt

A person or business that buys goods or uses services

• goods

• services

• consumer

• interest

• debt

Amount of money owed or due

• goods

• services

• consumer

• interest

• debt

A person or business that creates or provides goods and/or services

• goods

• services

• consumer

• producer

• debt

What is the most responsible way to pay for goods and services?

• Pay for all goods and services with money you have in the bank or in cash if possible. Use credit when necessary for expensive items.

• The best option is to always use a credit card.

• Work until you can afford to pay cash for all goods and services you need including expensive purchases.

• Borrow money from friends and family with promises to pay them back.

Which of the following are methods of payments? (Check all that apply.)

• Bonds

• Credit

• Treasury Bills

• Cash

Which method of payment is the most responsible method of payment because it will not include interest?

• Paying with a credit card

• Taking out a loan

• Paying in cash

• None of the these

Which method of payment allows for you to make larger purchases although interest will be added to the cost?

• bonds

• Certified Deposits

• Cash

• Credit