Credit Review

Rate charged to the cardholder on the amount borrowed

• Credit Limit

• Cosigner

• Interest

• Annual Percentage Rate

The maximum amount of charges allowed to an account

• Credit Limit

• Charges

• Annual Percentage Rates

• Finance Charge

Borrowing a set amount with equal monthly payments

• Credit Card

• Installment Credit

• Revolving Credit

• Interest Rate

A loan that is backed by collateral

• Unsecured Loan

• Installment Credit

• Revolving Credit

• Secured Loan

Which of the following best describes a credit card

• Credit that is paid in equal monthly payments

• A card that allows you to purchase items now and pay later.

• Card that is connected to the cardholder's bank account

• All of the Above

How can you avoid paying interest on a credit card?

• Only pay the required minimum balance.

• Pay the full balance every monty

• Only use a credit card for cash advances

• Doesn't matter, Interest is always paid on a credit card.

Which of the following is a good thing to put on credit

• Eating Out

• House

• Video Games

• Clothes

What do you have to pay when you borrow funds through a loan

• Interest plus collateral

• Principal plus interest

• Just the principal

• triple the amount of the loan

The Truth and Lending Act states all of the following except

• The card holder is only liable up to $50 if card is stolen

• The card holder will get a new card for free

• If the number is stolen, the cardholder has $0 liability

• The cardholder must submit a letter within 60 days of fraud

Johnny no longer wants to use his Johannes Sporting Goods store credit card. What should he do?

• Put the Card is a safe spot in case he needs it later.

• Give it to his friend in case they need it

• Just leave it in his wallet

• Close the account and cut up the card