Unit 4

What was one of the two loans we discussed

Adjustable interest rates may change depending on how the markets are doing

Credit Cards have better sign up bonuses/rewards programs

What is one of the interest rates we talked about

At one point in your life you are going to have to take out a loan

Interest is the price you pay for borrowing money

What does responsible credit look like?

You should NOT pay your credit card statement every month on time

An 800 Credit Score has more buying power than $100,000 cash

____ loans are backed by collateral, meaning something physical must be put up for the agreement to go through

Risk does not always mean it is a bad choice, just changes the odds

If you pay your ________ on time every month, your credit score increases.

You need an OFFICIAL business to get a business credit card

Risk management Can help you in any scenario, not just finance

If you miss payments on your credit card, your credit score will be good!

There is a risk that you go bankrupt if you start a business

Average limit for business credit is around $56,000

Credit Scores range from 300-850

When you buy a house you will buy it cash in full

_____ is very important for getting the best loans

What is a credit card?

You should only take loans out on what you NEED

There is a risk of tripping and breaking your ankle on a hike

When you open a new card, your credit score drops

Business credit cards do not have good sign up bonuses/rewards

Business credit and regular credit are the same thing

There is a risk that you might get struck by lightning when its raining

If your credit limit is $1000, you should limit yourself at $600

What is the best way to monitor your credit?

If you mess your credit up at an early age, no loan, which means no car and no house

Risk Management involves ____ ______ ______ and monitoring risk

A loan is the transfer of money by one party to another with an agreement NOT to pay it back.

Opening a second card is a bad idea

Which of these is apart of the 4 principles of risk management

What must you use to buy expensive assets like cars and houses

_______ loans are not backed by collateral, but instead the creditworthiness of the applicant.

The better your credit, the easier and cheaper it is to get into cars, houses, etc

If you open a second and start making payments on it, your credit score will skyrocket.

You should limit your credit expenses to 70% of your limit

You can get a credit card by yourself before the age of 18

What type of data will the banks app show you?

What is the easiest way to build good credit?