Personal Management Merit Badge Merit Badge Workbook SCOUT'S ...
Personal Management Merit Badge Merit Badge Workbook SCOUT’S NAME: ___________________________________________ This workbook is meant to help you prepare your answers before completing the requirements online. The answers you write here will not be counted towards your requirements, only the online version will be counted. The online Merit Badge Workbook can be found at aplusfcu.org/bsameritbadge.
UNDERSTANDING CREDIT Answer the following questions. a. What is a loan?
b. What is interest?
c. How does the annual percentage rate (APR) measure the true cost of a loan?
d. What are different ways to borrow money? Name at least three.
e. Why is it unwise to make only the minimum payment on your credit card?
f.
What is a credit report?
g. How does personal responsibility affect your credit report?
h. What are three ways to reduce or eliminate debt? Write at least one sentence to describe each of the three methods.
i.
Complete this chart. Charge Card What is it?
What are two benefits of using this?
What are two costs and pitfalls of using this?
Debit Card
Credit Card
UNDERSTANDING CREDIT Answer the following questions. a. What is a loan?
b. What is interest?
c. How does the annual percentage rate (APR) measure the true cost of a loan?
d. What are different ways to borrow money? Name at least three.
e. Why is it unwise to make only the minimum payment on your credit card?
f.
What is a credit report?
g. How does personal responsibility affect your credit report?
h. What are three ways to reduce or eliminate debt? Write at least one sentence to describe each of the three methods.
i.
Complete this chart. Charge Card What is it?
What are two benefits of using this?
What are two costs and pitfalls of using this?
Debit Card
Credit Card
