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Finance Quiz #2
| Question | Answer |
|---|---|
| identity theft | using a person's name or personal information without the person's permission for the purpose of stealing money or to get other benefits |
| dumbster diving | They simply rummage through your trash looking for bills or other papers with your personal information on them |
| skimming | They steal credit card or debit card numbers with a special device attached to the machine where you slide your card. *Often placed on ATM's or gas pumps. |
| phising | People pretending to be your bank, the IRS, or some other organization send you an email, text, or a letter asking for personal information. |
| changing your address | Thieves completely change your address card, creating a new address for you so they can receive your billing statements. *Once they have the statements, they can access your account. |
| stealing | People who steal billfolds, purses, and even mail from a mailbox. They also take personnel records or bribe employees who have access to give them your information. |
| pretexting | Thieves who use false information to get your personal information from financial institutions, telephone companies, and other sources. They pretend to be you to get the information, then they either use it against you or sell it to someone else to use. |
| hacking | Thieves who hack into your computer or another computer system, including schools, credit card companies, and other places that maintain your personal information. |
| annual percentage rate | The percentage cost of credit on an annual basis |
| credit bureau | An establishment that collects and distributes credit history information of individuals and businesses. |
| credit history | a record of borrowing |
| credit report | An official record of a borrower's credit history, including such information as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens. |
| credit score/rating | A measure of creditworthiness based on an analysis of the consumer's financial history, often computed as a numerical score, using the FICO or other scoring systems to analyze the consumer's credit. |
| FICO | The most commonly used credit score. The name comes from the Fair Isaac Corporation, which developed the scoring model. |
| Federal Trade Commission (FTC) | A federal agency that enforces consumer protection |
| fraud | someone who knowingly deceives you for their own personal gain |
| bait and switch | Business advertises a product at a low price, but offers a more expensive product when you go to buy it. The lower-priced item never existed; it was just used to "bait" you. |
| bankruptcy fraud | making false claims when filing bankruptcy |
| confidence trick or confidence game | Also known as a con, scam, swindle, grift, bunko, flim flam, or scheme. An attempt to swindle you by gaining your confidence. "Con artists" will try to appeal to your greed, your good nature, your generosity, or your willingness to take a risk. |
| embezzlement | Taking money from your employer that is not yours; may range from small amounts to large amounts. |
| false advertising | Making false claims or statements in advertising to persuade you to buy a certain product. |
| false billing | Requesting payment from someone for a product or services without fulfilling the deal; may include fake renewal notices or other seemingly legitimate services. |
| forgery | Creating fake documents and signatures |
| health fraud | Selling products such as fake or "quack" medicines; making false promises about health-related products. |
| insurance fraud or false insurance claims | Fake insurance claims to get money from an insurance company that is not warranted. |
| long firm | Setting up a company for fraudulent purposes. It appears to be a legitimate business and takes money from investors or customers, but is actually just a scheme. |
| marriage fraud | Marrying someone for money so they can become a citizen of the U.S. In this case, you can spend time in prison for participating in the scheme, and the immigrant will be deported. |
| ponzi scheme | Promises investors abnormally high profits from the money they "invest" in the plan. The system is doomed to collapse because there are little or no underlying earnings from the money received by the promoter. Also known as a Pyramid scheme. |
| security fraud | Artificially inflating the price of a stock with false and misleading statements. The goal is to sell stock that has little value at a high price. |
| credit card | A plastic card that authorizes the delivery of goods and services in exchange for future payment with interest, according to a specific schedule. |
| revolving credit | A consumer line of credit that can be used up to a certain limit or paid down at any time. |
| comparison shopping | The practice of comparing the price and characteristics of goods or services from different vendors before buying |
| credit | An agreement to provide goods, services, or money in exchange for future payments with interest by a specific date |
| collateral | something of value pledged by a borrower as security for a loan. If the borrower fails to make payments on the loan, the collateral may be sold; proceeds from the sale may then be used to pay down the unpaid debt |
| interest | Payment for the use of someone else's money; usually expressed as an annual rate in terms of percent of the principal |
| installment credit | A loan re-paid with a fixed number of equal payments |
| interest rate | The percentage rate of interest charged to the borrower or paid to a lender, saver, or investor. |
| loan agreement | A type of contract between the borrower and the lender explaining the requirements of fulfilling the loan. |
| mortgage | A long-term loan to buy real estate including land and the structures on it |
| secured credit | credit with collateral for the lender |
| non-installment credit | Single-payment loans and loans that permit the borrower to make irregular payments and to borrow additional funds without submitting a new credit application; also known as revolving or open-end credit. |
| unsecured credit | Credit without collateral, such as credit cards. |
Created by:
FireRanger