Stump your Buddies

1
Stump your Buddies

• Period 4

2
Elaina, Devin, Jermaine, and Jerame

• What do the letters in FICO mean?
• Fair Issac Corporation

3
Elaina, Devin, Jermaine, and Jerame

• What is the range of FICO socres?
• 300-850

4
Elaina, Devin, Jermaine, and Jerame

• What 4 things do creditors look for when judging
  your credit worthiness?
• capacity, capital, character, and collateral

5
Elaina, Devin, Jermaine, and Jerame

• What is a Keogh plan?
• Self-employed workers can establish tax deferred
  retirement plans for themselves

6
Natalie, Ciera, Renee, Eryka, Travis

• What is balance transfer?
• moving your credit card debt from one credit card
  to another card

7
Natalie, Ciera, Renee, Eryka, Travis

• Your regular income plus the money in your
  savings and checking account is known as
  ____________________.
• capital

8
Natalie, Ciera, Renee, Eryka, Travis

• What is bankruptcy?
• the legal process of petitioning the courts to
  make your creditors forgive your debts

9
Natalie, Ciera, Renee, Eryka, Travis

• T/F All people who are between the ages 30-50
  are eligible for a traditional IRA.
• false

10
Ricky, Katie, Lauren, Heather

• If the car you are intending to buy costs less
  than 20,000, should you take a cash back offer
  or 0 APR?
• cash back

11
Ricky, Katie, Lauren, Heather

• The information obtained to see if you are
  credit worthy is gathered by an organization
  called a _______________
• credit bureau

12
Ricky, Katie, Lauren, Heather

• On average, how much does a car depreciate in
  value when you drive it off the lot?
• 20

13
Ricky, Katie, Lauren, Heather

• What is the Rosetta Stone of financial life?
• your credit score

14
Traceye, Olena, Kathryn, Philip, Devin

• What are the names of the 3 credit bureaus?
• Equifax, Experian, and TransUnion

15
Traceye, Olena, Kathryn, Philip, Devin

• At what dollar amount does taking a cash back
  offer on a car yield to having 0 financing
  relative efficiency?
• 20,000

16
Traceye, Olena, Kathryn, Philip, Devin

• What is the possible reduction of cost percentage
  by going for the higher deductible on your car
  insurance?
• 30

17
Traceye, Olena, Kathryn, Philip, Devin

• The average debt load for a bachelors degree is
  _________________
• 19,000

18
Traceye, Olena, Kathryn, Philip, Devin

• What is a good range for your FICO score?
• 720

19
Ashley, Shaun, Cynthia, Sherika, Chris

• What is a grace period?
• period between end of billing cycle and the day
  your payment is due

20
Ashley, Shaun, Cynthia, Sherika, Chris

• Use your bank deposits as _________ for a credit
  card to establish credit
• collateral

21
Ashley, Shaun, Cynthia, Sherika, Chris

• In a buyers market, the final sale price for a
  home is _______________
• below the original asking price

22
Ashley, Shaun, Cynthia, Sherika, Chris

• Name the 2 types of individual retirement
  accounts.
• traditional and roth

23
Ashley, Shaun, Cynthia, Sherika, Chris

• T/F Different types of retirement accounts
  provide you with different ways to deposit,
  invest, keep, and use money that youve
  accumulated
• - true