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Quiz Show. Ch. 7 Financial Literacy. Describe a financially irresponsible person :. Fails to live up to their financial obligations to meet their goals and needs. bills not paid on time inadequate basics to live comfortably spends money on luxury items they can’t afford

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Quiz show

Quiz Show

Ch. 7 Financial Literacy


Describe a financially irresponsible person

Describe a financially irresponsible person:

Fails to live up to their financial obligations to meet their goals and needs.

bills not paid on time

inadequate basics to live comfortably

spends money on luxury items they can’t afford

Paycheck runs out before the month is over

Stressed out and relationships suffer

Borrowed money is not repaid


Define a financially responsible person

Define a financially responsible person:

Being able to meet your financial goals through planned earning, spending and saving (budget)


A financially responsible person looks like all of the following except

A financially responsible person looks like all of the following except:

provides for their own wants and needs

saves money for known events and emergencies

enjoys vacations and leisure time

lives a comfortable lifestyle

spends more than their income using credit


A buying plan is an organized method used for short and long term purchase planning

A buying plan is an organized method used for short AND long term purchase planning…


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What happens to the true price of an item you buy on credit and don’t pay off at the end of the month?

The total cost you pay for the item goes up, and up, and up


Name a few ways you can start building credit now

Name a few ways you can start building credit now:

open a checking account

open a savings account

get a debit card

get a part-time job to fund these accounts


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A great way to build good credit is to pay the minimum amount required on your credit card each and every month.

So, how much should you pay each month?

As much as possible of the balance and strive to pay

entire balance


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If you miss a credit card payment you will not only a incur late fee, but also gain increased interest charges

So, what will missing payments do to your credit rating?


Systematic decision making

Systematic decision making:

reflects on pros of the decision

reflects on costs of the decision

process used to make choices

reflects on cons of the decision

all of these


What do we call ways to obtain credit to purchase an item other than with cash

What do we call ways to obtain credit to purchase an item other than with cash?

financing options


Describe what an over the limit fee is

Describe what an over-the-limit fee is:

penalty for exceeding your credit limit


What is the term for the lowest amount you are required to pay each month on a credit card

What is the term for the lowest amount you are required to pay each month on a credit card?

minimum payment

(not even an option!)


Match the term to the description

Match the term to the description:

service credit

installment credit

fixed rate

variablerate

easy access credit

credit that is obtained quickly and easily but can have high, hidden costs

interest rate that does not change from month to month

credit where you receive services now and pay for them later

used to finance a single high-priced item with an equal payment over time

interest rate a lender or creditor can change at any time


The end you will do great

The End! You will do great


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