Learning your credit and checking account A B Cs

For James Madison University BUS 200 Personal Finance class.

Watch the following videos and answer the questions below the videos.

1. What is Credit? The Basics of Credit

1. What is credit?

2. What is revolving credit?

3. What is a credit score?

4. What is a secured loan?

5. What is a credit limit?

6. What is a cosigner?

7. What is a credit report?

8. Why is credit important?

2. What is a credit card?

1. Discuss the costs and benefits of using credit cards.

2. How do you get a credit card?

3. What happens when you use a credit card?

4. Identify and explain three items on your monthly credit card statement.

5. All credit cards charge interest. What can you do to reduce the costs of paying interest?

6. What factors should you consider when selecting a credit card?

3. Checking Accounts

1: What is the primary purpose of a checking account?

2: What identifies your bank for electronic transfers?

3: How does money enter your checking account?

4: What happens during the 'clearing' process?

5: What is an overdraft?

6: What is a debit card used for?

7: What is the main difference between a checking account and a savings account?

8: What is 'settlement' in the context of a checking account?

9: What does overdraft protection do?

10: How has digital banking impacted checking accounts?