7th grade Unit 2 Review

Question 1

Number that helps determine how likely a borrower is to pay a loan or credit card back on time

Accepted Answer

credit score

Question 2

A lender is...

Accepted Answer

An organization or person that lends money

Question 3

A court order directing that wages be taken from the borrowers paycheck to payoff debt.

Accepted Answer

garnishment

Question 4

Wrongful or criminal deception intended to result in financial or personal gain

Accepted Answer

fraud

Question 5

What causes inflation?

Accepted Answer

A rise in prices brought on by a rise in the supply of money

Question 6

Debt is...

Accepted Answer

Money you owe someone

Question 7

The group of people who are likely to buy the product or be interested in the info being given

Accepted Answer

target audience

Question 8

A financial institution taking back an object that was used as collateral, rented or leased

Accepted Answer

repossession

Question 9

The fraudulent taking & use of a person's private information, usually for financial gain

Accepted Answer

identity theft

Question 10

A high credit score means...

Accepted Answer

Low risk to lenders; demonstrates good financial health

Question 11

Fraud can only happen online.

Accepted Answer

False

Question 12

What is credit?

Accepted Answer

Money someone owes you

Question 13

Which of the following would be the target audience for gatorade?

Accepted Answer

athletes

Question 14

Inflation is...

Accepted Answer

an increase in prices & fall in the purchasing value of $$$

Question 15

Which of the following has an impact on your credit score?

Accepted Answer

all of the above

Question 16

How does inflation affect the value of money?

Accepted Answer

as inflation increases, you can buy fewer items

Questions 16