Economics and Personal Finance Final Exam Study Guide

What can be considered credit

• Loans, dogs, houses, renters insurance

• Mortgages, Forclosures

• Loans and Credit Cards

• Rent, utilities, and lawn care.

Know what a credit report is

• a report of what your loan history looks like

• a report of what your payment history looks like

• a report of how well you pay for groceries

• a report that shows borrowed money

What impacts your credit negatively

• making tons of payments

• making the minimum payment every month

• making no payments on your debt

• ignoring telemarketer calls

What impacts your credit positively

• Throwing your money away

• spending money at your favorite store

• making no payments

• paying the full amount every month.

What is the range of the credit score

• 350-700

• 200-500

• 0-850

• 0-100

Why should you work to get a good credit score?

What is the lowest payment you can make on a credit card per month?

(a)  

What is the word you use when someone owes money?

(a)  

What is added on to a credit card, loan, any borrowed money that is going to make you pay more at the end of the year?

(a)  

Is interest a negative addition or positive addition when it comes to borrowing money?

• positive

• negative