credit

Question 1

supplying of money, goods, or services in the present with the promise of future payment

Answer 1

credit

Question 2

everyday purchases (personal)

Answer 2

consumer credit

Question 3

money that businesses borrow from a bank

Answer 3

commercial credit

Question 4

types of credit cards

Answer 4

retail
bank
visa/ mastercard
travel/ entertainment

Question 5

temporarily expands your income

Answer 5

credit

Question 6

has to be determined by a court of law

some debts will be forgiven

Answer 6

bankruptcy

Question 7

misinterpreting the truth

Answer 7

fraud

Question 8

to take back money

vehicles are #1 thing

Answer 8

repossess

Question 9

dollar amount you’re allowed to spend up to

Answer 9

line of credit

Question 10

IRS or bank takes money out of your paycheck bc you haven’t paid it on your own

Answer 10

garnishment

Question 11

principle amount (amount you borrowed)

Answer 11

finance charge

Question 12

30 days where you won’t have interest

Answer 12

grace period

Question 13

make x amount of payment

Answer 13

installment credit

Question 14

range 300-850 (higher the better)
good> 660 or above
below 620> bad credit

Answer 14

credit score

Question 15

factors of credit score

Answer 15

payment history
how much you currently owe
credit history
applying for too much credit

Question 16

higher score&raquo_space;>

Answer 16

lower interest rate

Question 17

cash put down for a purchase

houses 10-20%

Answer 17

down payment

Question 18

4 Cs of credit

Answer 18

capacity
capital
character
collateral

Question 19

protects you from financial loss

Answer 19

insurance

Question 20

contract you sign w insurance agents and companies

Answer 20

policy

Question 21

payment to your insurance company

Answer 21

premium

Question 22

has to have value to you

Answer 22

insurance interest

Question 23

process where you receive financial compensation for your loss

Answer 23

idemdification

Question 24

paperwork you start w your insurance company to start your idemdification process

Answer 24

filing a claim

Question 25

trustworthy

Answer 25

liability

Question 26

insurance types

Answer 26

``` car health house life flood ```

Question 27

helps protect you from big medical bills

Answer 27

health insurance

Question 28

liability protection, structure of home, contents of home

Answer 28

home insurance

Question 29

``` term (buy on yearly basis) whole life (can insure more money) ```

Answer 29

life insurance

Question 30

protects contents of apartment you live in

Answer 30

renters insurance

Question 31

what must you have to drive legally in PA

Answer 31

liability

Question 32

when you are at fault, car insurance pays for the other persons damages

Answer 32

``` liability medical coverage collision coverage comprehensive coverage uninsured motorist coverage underinsured ```

Question 33

pays for your own body

Answer 33

medical coverage

Question 34

protects your car when you’re at fault optional has a deductible

Answer 34

collision coverage

Question 35

protects car from acts of nature and vandalism | has deductible

Answer 35

comprehensive coverage

Question 36

someone hits you who doesn’t have insurance

Answer 36

uninsured motorist coverage

Question 37

protects you when someone hits you who doesn’t have enough insurance

Answer 37

underinsured

Question 38

contract between you and the landlord

Answer 38

lease

Question 39

renter of home

Answer 39

tenant

Question 40

owner of home

Answer 40

landlord

Question 41

amount paid before you ever move in | given back to you when you move out as long as nothing is damaged

Answer 41

security deposit

Question 42

are you allowed to let someone else fill in lease if you need to move out suddenly

Answer 42

sublet

Question 43

get kicked out for not paying

Answer 43

evict

Question 44

look for anything that could potentially be an issue

Answer 44

efficiency

Question 45

advantages of apartment

Answer 45

``` cheaper than home can call landlord to fix items broken in home landlord plows/ mows less permanent than house no property tax ```

Question 46

disadvantages of apartment

Answer 46

more money per month depending on city

Question 47

not building equity tied to a contract no pets neighbors close

Answer 47

disadvantages of apartment

Question 48

will not change until it’s paid off

Answer 48

fixed rate

Question 49

interest rate could change on a monthly basis

Answer 49

flexible

Question 50

what 3 items should you have to get monthly dollar amount

Answer 50

total price being borrowed from bank interest rate how many years in order to pay it back

Question 51

restructuring your loan

Answer 51

refinance

Question 52

how much your house is worth

Answer 52

appraisal

Question 53

plays big role on appraisal of house

Answer 53

location

Question 54

ownership papers of a house

Answer 54

deed

Question 55

pay taxes monthly rather than yearly

Answer 55

escrow

Question 56

bank wants money and house back

Answer 56

foreclosure

Question 57

advantages of house

Answer 57

build equity can change appearance pets

Question 58

disadvantages of house

Answer 58

expensive property taxes landscaping less mobile

Question 59

3-5 years

Answer 59

car loan

Question 60

value goes down in value over time

Answer 60

deprecation