Introduction to Credit

Grade 11 Entrepreneurship
Class Exercise

Mr. Valley

Student name:
___________________________________________________________________

Goal: In this short unit, the student of business will

understand the concept of CREDIT. This assignment/exercise is
designed to be an introduction to what credit is, what a credit
score is, and how we can build our credit.

1. The student will watch the following YouTube videos:

What is credit? https://www.youtube.com/watch?v=ijQTqa0no18

What is a credit score? - https://www.youtube.com/watch?

v=f2ortkJfTKw&t=83s

Benefits and risks of credit

https://www.youtube.com/watch?v=0Y4-3slI450

2. Go to the following website:

http://www.investorguide.com/article/11575/introduction-to-credit-and-
how-to-take-control-of-it-igu/

(a) What are the 5 steps that you can take to help you take
control of your credit?

H:\Gr11 Entrepreneur-2013-New\Credit Cards-2014.docx

(b) Describe (in full sentences) the main points of this article.
You may choose to describe what credit is and what it is
used for. Answer in the space below.

H:\Gr11 Entrepreneur-2013-New\Credit Cards-2014.docx

 Credit Card Search- Grade 11 Entrepreneurship
Class Exercise

Mr. Valley

Student name:
___________________________________________________________________

Goal: In this short unit, the student of business will

understand the concept of CREDIT and in particular what
CREDIT CARDS are and how they used to create CREDIT and
DEBT.

3. The student will watch the following YouTube videos:

Whats a Credit Card? www.youtube.com/watch?v=qWWZ77-
1YuAhttp://www.youtube.com/watch?v=qWWZ77-1YuA
Credit Card Debt Explained With a Glass of Water
www.youtube.com/watch?
v=Vz05A6cP6Iwhttp://www.youtube.com/watch?v=Vz05A6cP6Iw
Tips for Using Your Credit Card
https://www.youtube.com/watch?v=7BW22ndO3NU
http://www.youtube.com/watch?v=a-qMArATc-0
http://www.youtube.com/watch?v=a-qMArATc-0

4. Search on the Internet for the following answers. Most can be

found easily through a quick Google search. Do this on a Word
document and then print it off once completed.

ANSWER IN COMPLETE SENTENCES

a) What is a Credit Card? Provide three examples of credit card

companies.

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H:\Gr11 Entrepreneur-2013-New\Credit Cards-2014.docx

 __________________________________________________________________
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4 mrks

b) What is the Annual Purchase Rate (APR)?

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2 mrks

c) What is the Cash Advance Rate?

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2 mrks

d) What is an annual fee (in terms of credit cards)?

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2 mrks

e) What is a credit card grace period?

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2 mrks

f) What is an additional card fee? Provide an example of an additional

card fee.
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H:\Gr11 Entrepreneur-2013-New\Credit Cards-2014.docx

 2 mrks

g) What is credit card insurance and protection

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2 mrks

5. Financial Soccer
1. Go to Financial Soccer
www.financialsoccer.cahttp://www.financialsoccer.ca
2. Click play the game (may take some time to load)
3. Play either a game yourself OR play a head-to-head match with
someone else from the class on a single computer.

After playing the above game, hand-in your answers to Mr. Valley

H:\Gr11 Entrepreneur-2013-New\Credit Cards-2014.docx

USING THE INTERACTIVE CREDIT CARD SELECTOR
Grade 11 Entrepreneurship

Student Name:_____________________________________

The student will go to the site below:

http://www.fcac-acfc.gc.ca/Eng/resources/toolsCalculators/Pages/home-
accueil.aspx
Take a few minutes to navigate through the website (notice the
budgeting tool, financial literacy assessment quiz, etc.)

The student will go to the site below:

http://itools-ioutils.fcac-acfc.gc.ca/STCV-OSVC/ccst-oscc-eng.aspx
The student will fill out the following information:

Credit Card
name and
Banking
Institution

Annual Fee

Annual
Interest Rate

Minimum
Income
Required

H:\Gr11 Entrepreneur-2013-New\Credit Cards-2014.docx

Minimum
Payment
Calculation

Upon completing the chart, the student will insert this

document into their shared folder with Mr. Valley on google
drive.

H:\Gr11 Entrepreneur-2013-New\Credit Cards-2014.docx