Personal Finance Essay

397 Words2 Pages
Lesson 1 (3.0 points) 1. What is credit? (0.5 points) 2. What is a credit score? (0.5 points) 3. What is installment credit? (0.5 points) 4. What is revolving credit? (0.5 points) 5. What is noninstallment credit? (0.5 points) 6. Name at least one section of a credit report. (0.5 points) Lesson 2 (3.0 points) 1. Name at least one of the steps in establishing credit. (0.5 points) 2. Name at least one alternate option to establishing credit if you are unable to get a credit card yet. (0.5 points) 3. What is debt services default? (0.5 points) 4. What is the Better Business Bureau? (0.5 points) 5. What is a debt settlement program? (0.5 points) 6. What is bankruptcy? (0.5 points) Lesson 3 (3.0 points) 1. What is an annual percentage rate? (0.5 points) 2. What is an annual percentage yield? (0.5 points) 3. Name at least one advantage of credit cards. (0.5 points) 4. Name at least one disadvantage of credit cards. (0.5 points) 5. If you take out a $1,000 loan for college at 7% interest, what is the principal? (0.5 points) 6. What is a loan? (0.5 points) Study questions 6 Lesson 1 (3.0 points) 1. What is a pure risk? (0.5 points) 2. Why do people take speculative risks? (0.5 points) 3. What is meeting the deductible? (0.5 points) 4. What does health insurance help to pay for? (0.5 points) 5. What is COBRA? (0.5 points) 6. What is an insurance claim? (0.5 points) Lesson 2 (3.0 points) 1. Name at least two types of disability insurance. (1.0 points) 2. What is life insurance? (0.5 points) 3. Which tax provides federal funding for unemployment insurance? (0.5 points) 4. What is liability insurance? (0.5 points) 5. What

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