Deca Credit Score Jeopardy Jeopardy Template

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100 Not immediately paying for a purchase, but promising to do it later. Define credit	100 Installment Credit and Revolving Credit What are the two types of credit?	100 Make sure that you have enough money in your account so that you can pay it. What should you be sure to do when you make charges to your card?	100 You can pay for all of it at once. What is one of the options for billing?	100 It comes directly from your checking account. Where does the money come from when you pay with debit?
200 Home, autos, appliances... Name three examples of larger purchase credit allows consumers to make.	200 This is typically used for car loans. The consumer has monthly payments that will stay the same. The credit, or owned amount, is gone when it is payed off. Explain installment credit.	200 When using credit cards, it is easy swipe the card, but the amount owed will add up and some people get in trouble when they are unable to pay it off. This is how people get in debt. How do people get in debt?	200 The remaining amount will be charged interest. What happens to the remaining part of a bill if you don't immediately pay for it all?	200 Credit history is your spending habits and late payments etc What is your credit history?
300 DECA is an international association of high school and college students and teachers of marketing, management and entrepreneurship in business, finance, hospitality, and marketing sales and service What is DECA?	300 When you swipe a card, you are making a promise to pay it off later when the amount is billed to you. Explain revolving credit.	300 Credit card companies (Visa and MasterCard) hope that you don’t make the payment full so they can charge interest or make the payment late so that you have to pay a finance fee. What do credit companies hope you do so that they make money?	300 Interest is higher than installment payments. Which is more expensive, installment payments or interest?	300 Banks will check your credit history, your spending habits and late payments etc., to determine whether or not you are a good candidate How do banks determine whether you are a good candidate for your loan?
400 Credit helps to define your reputation as a borrower What does your credit tell about you?	400 They set a credit limit determining how much you are allowed to spend. How do credit cards reassure that you don't spend too much?	400 They make a small amount off of every transaction that their card is used for. How do credit cards make money with every transaction?	400 The amount will grow What happens to interest over time?	400 In a SECURED LOAN, they will ask for collateral, or an something of value. What is a secured loan?
500 Razz/Bauer Who is the DECA advisor at SRRHS?	500 It is wise to never charge your account to the full amount so that in case of emergency you have buffer money to help you out. What is an example of one way that you can be sure you don't go in debt.	500 A loan that does not need collateral. What is an unsecured loan.	500 Debit is when you buy something, and it is immediately taken out of your checking account. What is debit?	500 Something of value. What is collateral?

DECA Credit Score Jeopardy

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