Finance Vocab | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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What is a mortgage?

A loan used to buy a house or property

What is the difference between retail and wholesale?

Retail = sales to individual customers, Wholesale = sales in bigger quantities, usually to businesses

What is collateral?

An asset that a lender (bank) accepts as security that you will pay back a loan.

If you owe a lot of money to the bank, you are in ________.

in debt

Give an example of a 'reward' you might get for using your credit card.

Various answers. Cash-back, travel rewards, merchandise (products), etc

In regards to bank accounts and credit cards, explain what a balance is.

Balance = the total amount you have in an account, or the total amount you owe on a credit card

What is a synonym for installment?

payment

What is the past tense of the verb 'lend'?

lent

What is it called when you borrow money from a bank or a friend?

Loan

Is a refrigerator an example of a want or a need?

Need

What type of bank account is most commonly used for everyday transactions?

Checking account

What is an asset?

something you have that is valuable

If something is 'booming', it is ______.

doing very well, successful, popular

When you choose to buy something at the expense of buying something else, it is called an _______ cost

Opportunity

When you use a credit card, are you using money that you have? Or money that you are borrowing?

Borrowing

How can you build your credit score in Canada?

Pay your bills on time, take out loans (and pay them back)