What type of scenarios can happen when someone doesn't monitor their own credit history?

your credit score can get ruined, someone can open up lines of credit in your name, Identity theft

What exactly are you buying when you purchase stock of Apple?

you own a piece or shares of the Apple Corporation

What is the purpose of an incentive?

helps convince or persuade you to do or buy something

What is an important way to help build your credit?

Always make regular payments to your bills ontime, Maintain open lines of credit

What are the names of the three major credit reporting agencies?

TransUnion, Equifax and Experian

What exactly is a monopoly?

Controlling market share while preventing competition

What are the names of the 3 major credit reporting agencies?

Transunion, Equifax and Experian

Which scenario could happen, if an error occurs on your credit report?

Someone could open up a line of credit in your name., You can be declared legally dead

The Fair Credit and Reporting Act required credit agencies to do what..

Give free personal credit reports for consumers once a year

What is a BIG difference between Credit Union Banks and Private Banks?

Credit Union banks are usually local and regional.

Which is NOT an example of a positive incentive?

if you commit a felony you will go to jail

With the example of buying cell phones, the higher your credit score was, the what?

the less money in upfront costs

Which statement below is an accurate statement about socialism? (remember what socialism is)

Gov't has alot of control over businesses and the market

Which of the following scenarios COULD NOT happen, with respect to your credit history.

They did a credit check when I applied to college

What is the easiest way to gain good credit?

Pay back your loans or bills on time, always.

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The Great Recap

30 termsStudBud Administration250 plays

A review of credit scores, credit scoring and the companies that track our credit histories, as well as free market capitalism, banking, stock markets and competition.

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Questions 30

Answers

1
Credit leads to an increase in spending, which then leads to an increase in what?
Income levels in the economy
More problems
Decrease in GDP
Less Debt
2
What type of bank account do you have to have in order to use a DEBIT CARD?
Checking Account
Savings Account
Investment Account
Deposit Account
3
What exactly do you have to fill out whenever you start a new job (on the books)?
a W6 wages and income form
a W2 form income form
a W4 allowances form
a 1040 EZ form
4
Which from the list of cards below spends "Your" money?
American Express
Forever 21 Store Card
Delta Airlines VISA Credit Card
Chase Manhattan Debit Card
5
What type of scenarios can happen when someone doesn't monitor their own credit history?
your credit score will improve always
your credit score can get ruined
someone can open up lines of credit in your name
Identity theft
6
What exactly are you buying when you purchase stock of Apple?
you own a piece or shares of the Apple Corporation
you're bundling pieces of debt together
you're lending money to Apple and they will pay you back
a piece or shares of Microsoft
7
What is the purpose of an incentive?
to make you do something against your will
persuade you to do something negative
tries to use your own opinion against you
helps convince or persuade you to do or buy something
8
How can having good credit effect you..
Lower interest rates on loans
Problems getting credit cards
High interest rates on loans
Lots of credit offers with high fees
9
What is an important way to help build your credit?
Always use cash to buy things
Have more credit cards than you can keep track of
Always make regular payments to your bills ontime
Maintain open lines of credit
10
What should happen to the price of goods over time, if there is more competition?
Prices will stay the same
Prices will increase rapidly
Prices will steadily decline
Prices will rise
11
What are the names of the three major credit reporting agencies?
Experian, Equifax and Credit Karma
TransUnion, Equifax and Experian
Experience, TransUnion and Equifax
Credit Karma, TRW and Equifacts
12
What exactly is a monopoly?
Getting three hotels
Having more than half market share
Controlling market share while preventing competition
Creating a diverse competitive environment
13
What is the possible range of your credit score?
200 - 850
300 - 900
300 - 850
100 - 850
14
What are the names of the 3 major credit reporting agencies?
Equifax, Credit Karma and Transunion
Transunion, Equifax and Experian
Credit Karma, Equifacts and Transunion
Experian, Equifacts and Transonion
15
What word should you really use, instead of the word "free", in "free market"?
Good
Open
No cost
Value
16
Which scenario could happen, if an error occurs on your credit report?
Someone could open up a line of credit in your name.
You can easily get the error removed
Someone couldn't open up a line a credit in your name
You can be declared legally dead
17
Which below is an example of a stock index?
Dow Jones
Hollywood Stock Exchange
New York Stock Exchange
Standard and Markets 500
18
The Fair Credit and Reporting Act required credit agencies to do what..
Require you to check your credit at least once every 5 years
Give free bank checks to students and young people
Give free credit cards to consumers once a year
Give free personal credit reports for consumers once a year
19
Which below is NOT an example of a large bank or commercial bank?
TD Bank
Wells Fargo
Prudential Investments
Chase Manhatten
20
How old do you have to be to get a credit card, on your own, without a Parent?
24
16
18
21
21
What is a BIG difference between Credit Union Banks and Private Banks?
Private bank tend to not make as much money as Credit Unions
Credit Union banks are usually local and regional.
Big corporate banks will always look out for bank members
Credit Unions are bigger and usually international
22
Which is NOT an example of a positive incentive?
if you commit a felony you will go to jail
if you stay in school you are less likely to get in trouble
if u graduate college u have great opportunities coming to u
if you graduate you will get a high school diploma
23
With the example of buying cell phones, the higher your credit score was, the what?
the more money in upfront costs
the less-expensive the phone was
the less your monthly payment was
the less money in upfront costs
24
When do you actually pay your taxes?
Throughout the entire year
Only when you make a transaction at a bank
Between January and April of the following year
On or about April 15 of every year
25
Which statement below is an accurate statement about socialism? (remember what socialism is)
private industry has increased tremendously
Gov't has alot of control over businesses and the market
they is alot more competition
taxes have been very low
26
Which below is the investment with the LEAST amount of risk?
Vanguard Mutual Fund
Facebook Corporate Bonds
US Treasury Bonds
IBM Stock
27
When it comes to a mortgage for a house or credit cards, what is "interest"?
Cost of doing business with people
Amount of money you will lose
Cost of borrowing the money
Amount of money you make on investment
28
Which type of bank account can EARN interest?
Checking Account
Debit Account
Savings Account
Deposit Account
29
Which of the following scenarios COULD NOT happen, with respect to your credit history.
They did a comprehensive credit check when you got the loan
You receive a credit check for an apartment you want to rent
They did a credit check when I applied to college
You receive a credit check for a job you want to get
30
What is the easiest way to gain good credit?
Always pay back other people's loans on time
Never open up any credit accounts or loans.
Pay back your loans or bills on time, always.
Pay with cash for everything.

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