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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

    slide6
    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

    slide8
    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

    slide9
    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