Explain what is a credit? When should we use a credit? What are things you should look for when you are getting a credit card? What actions can a person take when facing credit problems?

Explain what is a credit? When should we use a credit? What are things you should look for when you are getting a credit card? What actions can a person take when facing credit problems?

Answer: A credit is the privilege of using someone else's money for a period of time.

What is a budget? What are the main purposes of a budget?

What is a budget? What are the main purposes of a budget?

Answer: A budget allows you to meet your personal goals with a system of saving and wise spending. The main purposes of a budget is to live within your income. It will help you make wise buying decisions. It will prevent credit problems. It will also allow you to develop money management skills.

Under what circumstances might someone use a trust?

Under what circumstances might someone use a trust?

Trust are for people who inherit money may need people to manage it if you're elderly.

Define money management.

Define money management.

Money management is the day to day financial activities associated with using limited income to satisfy your unlimited needs and wants

What is the difference between a national brand and a store brand? What are the advantages of each?

What is the difference between a national brand and a store brand? What are the advantages of each?

Answer: National brand is all over the country uniformed quality and a store brand is sold in particular store which is less expensive.

List and explain the 3 Cs of credit

List and explain the 3 Cs of credit

1.Charge a purchase at any time only put part of debt must be paid each month
2.credit limit may be outed at one time
3. Finance charge

What responsibilities do consumers have in business relationships? What is the most important responsibility consumers have?

What responsibilities do consumers have in business relationships? What is the most important responsibility consumers have?

Answer: Honest, involved, reasonable, active, informed

What is the difference between a national brand and a store brand? And what are the advantages of each one?

What is the difference between a national brand and a store brand? And what are the advantages of each one?

National brands are advertised all over the country (advantages: recognize uniform quality aka well known).

Store brands are the stores own brand name. (advantage: lower cost).

Describe the kinds of consumer information you might find on a product label.

Describe the kinds of consumer information you might find on a product label.

Answer: A label reports nature or content of a product, tells what product is made of, size, how to care for it and when/where it was made. Clothing labels must tell you what the product is made of and must give instructions fro washing or cleaning.