What is the benefit of paying more than the minimum due on your credit card?
#3 Semester Review | Financial Math

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•
Mathematics
•
9th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Paying more than the minimum reduces the total interest paid and helps pay off the balance faster.
2.
FLASHCARD QUESTION
Front
What is the main difference between debit and credit cards?
Back
Debit cards draw money directly from your bank account, while credit cards allow you to borrow money up to a certain limit.
3.
FLASHCARD QUESTION
Front
What happens if you only make the minimum payment on a credit card?
Back
It takes longer to pay off the balance and results in paying more interest over time.
4.
FLASHCARD QUESTION
Front
What is a credit card?
Back
A credit card is a financial tool that allows you to borrow money to make purchases, with the obligation to pay it back later.
5.
FLASHCARD QUESTION
Front
What is a debit card?
Back
A debit card is a payment card that deducts money directly from your checking account to pay for a purchase.
6.
FLASHCARD QUESTION
Front
Why is it important to understand interest rates on credit cards?
Back
Interest rates determine how much extra money you will pay if you carry a balance on your credit card.
7.
FLASHCARD QUESTION
Front
What is the purpose of a budget?
Back
A budget helps you plan and track your income and expenses to manage your finances effectively.
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