© family economics & financial education –revised august 2009– the essentials to take...
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© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Card
101 Trivia
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Trivia Instructions
• Divide the students into teams of 3-5• Provide each team with a white board and a dry erase
marker• Have each team create a team name and write it on the
board where points are being tallied• Choose a team to select a category and point value• Read the question and allow all of the teams 10 seconds to
write their response on the paper• Have the students hold their answers up at the same time• Each time, award every team who answered the question
correctly the money value indicated by the question– If they answer incorrectly, the teacher may take away the point
value• Allow the next team to choose the category and point value• Continue until all of the questions have been answered• The team with the most money at the end wins
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Card 101 Trivia
Schumer Box
Understanding
the Bill
Credit Knowledge
$100 $100 $100
$200 $200 $200
$300 $300 $300
$400 $400 $400
Final Trivia
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Schumer Box - $100
Answer:A fee charged once per year for
credit card ownership.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Schumer Box - $100
Question:What are annual fees?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Schumer Box - $200
Answer:The amount of time, in days,
allowed to the cardholder between the day the items are
charged on the credit card and the day finance charges
begin to apply.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Schumer Box - $200
Question:What is the grace period?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Schumer Box - $300
Answer:The interest rate charged to the card holder on the amount borrowed in terms of dollars
per year.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Schumer Box - $300
Question:What is the annual percentage
rate?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Schumer Box - $400
Answer:A fee charged when the
cardholder does not make the minimum monthly payment by
the due date.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Schumer Box - $400
Question:What is late payment fee?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Understanding the Bill - $100
Answer:The specified day by which the
company requires payment to be made.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Understanding the Bill - $100
Question:What is the due date?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Understanding the Bill - $200
Answer:The charges assessed to the account if the balance is not paid in full by the end of the
billing period.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Question:What is finance charge?
Understanding the Bill - $200
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Answer:The maximum amount of
charges allowed to an account.
Understanding the Bill - $300
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Understanding the Bill - $300
Question:What is the credit limit?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Understanding the Bill - $400
Answer:The fee assessed to the
consumer if they charge over their credit line.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Understanding the Bill - $400
Question:What is over the limit fee?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Knowledge - $100
Answer: A fee charged for a cash
withdrawal from a credit card account.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Knowledge - $100
Question:What is a cash advance
transaction fee?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Knowledge - $200
Answer:To receive a credit card, consumers 18 years of age
and older must complete this.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Knowledge - $200
Question:What is a credit application?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Knowledge - $300
Answer:To increase credit card safety,
the back of the card should include the cardholder’s
signature and this.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Knowledge - $300
Question:What is “Please See ID?”
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Knowledge - $400
Answer:The act which requires credit institutions to list the costs of
credit cards.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Credit Knowledge - $400
Question:What is the Federal Truth in
Lending Act?
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
FinalTrivia
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Final Trivia
Answer:The three steps to receiving a
credit card.
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Credit Advanced
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona
7.4.2.G2
Final Trivia
Question:What are credit application,
credit investigation, and award or denial of credit?