Know Your Credit!

The cost of borrowing money is referred to as 

• Interest 
• Annual Percentage Rate 
• Credit 
• Credit Line 

The amount charged if your payment is received after the billing due date.

• late payment fee
• overdue fee
• withdrawal fee
• loser fee

The maximum amount you are allowed to carry as a balance on the card

• interest
• ARP
• credit limit
• all of these

The amount you must pay on a credit card, based on a percentage of the outstanding balance.

• minimum fee
• minimum payment
• monthly statement
• minimum monthly interest charge

Which one is considered a danger of using a credit card

• no cash needed
• leads to overspending
• convenient
• earns rewards

A plastic card that you use to access a line of pre-established credit is called:

• debit card
• credit card
• visa
• mastercard

Your credit score is not configured off of which of the following:

• Payment history
• Amount owed
• Where you live
• Length of credit history

Tags

CCSS.7.NS.A.2C

To build a good credit history, you should

• open as much credit as possible quickly
• use the maximum credit allowed on all your credit cards
• pay on time and as much of your balance as possible
• all of these

Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.

• true
• false

Tags

CCSS.7.RP.A.3

What is credit?

• Free money
• Borrowed money
• Standard of living
• A term that causes tears