Turning Point Review 12 Jeopardy Template

My Money	Credit, debit and bears... OH MY	Interesting...	Credit SCOREEEE!!!	More Money
100 True People are able to make deposits to and withdraw from both savings and checking accounts	100 Debit Card- your actual earned money Credit Card- Borrowed money Difference between Credit Card and Debit Card?	100 Savings accounts, loans, credit cards In your own words, what is interest and where can it be applied?	100 A number you are given based on your financial decisions. The likelihood you will pay someone back. What is a credit score?	100 False If you make too many withdrawals from a savings account you can be charged a fee There are no fees associated with a savings account
200 True It is less expensive to cash a check at my back than at other locations?	200 Checking account What account is your credit card linked to?	200 Savings accounts earn interest as a "thank you" for using the bank. You end up making more money. How does interest affect you and your savings account?	200 BAD: 300 GOOD: 850 Give an example of a GOOD credit score number and a BAD credit score number	200 True Need to arrange with your bank to withdrawal from savings You can use an ATM or debit card with both savings and checking accounts?
300 True There are fees or costs associated with checking accounts?	300 Big expenses, emergency expenses, expenses you know you will be able to pay back Name 3 GOOD reasons to use a credit card	300 Loans accrue interest as a fee for borrowing money. You end up paying more money. How does interest affect you and your loan?	300 Landlords, creditors/lenders (loans), employers, etc. Who checks your credit score and why?	300 True FDIC insures checking and savings accounts up to $250,000 Both banks and credit unions are safe places to keep your money?
400 Keeping your savings in an account that ears interest is a way to make your savings grow. Saving Accounts pay interest on the balance in the account?	400 FALSE The information in your credit report is used to create your three-digit credit score, which is the number that lenders use to determine how likely you are to repay (or not repay) your debts. TRUE OR FALSE Your credit report and credit score are the same thing.	400 Simple interest is calculated on JUST the original amount of money. (Principal) What is simple interest?	400 Get a credit card and starting making purchases BUT PAY THEM OFF! What is a great way to build credit?	400 True The moment you take out a loan you are building credit?
500 True Considered a benefit- Convenient, safer, more efficient Companies can require you to use direct deposit?	500 FALSE Your debit card is tied directly to your bank account, and that means that no matter how long you’ve been a responsible debit card user, your credit score won’t be affected either way. TRUE OR FALSE Responsible debit card use will increase your credit score	500 Compound interest is calculated on the original amount AND ALSO on the accumulation of previous periods. "Interest on Interest" What is compound interest?	500 False Credit reporting agencies are private companies, not government agencies. The big three are Experian, TransUnion, and Equifax. TRUE OR FALSE Credit reporting agencies are government agencies	500 False A car loan doesn't count on your credit score.

Turning Point Review 5

Press F11 for full screen mode