1.4 - 1.6 Borrowing Money & Credit Card Practice Questions

Which of the following is a cost associated with credit cards?

• cash back

• interest free grace period

• fees for late payments

Which of the following is a cost associated with credit cards?

• ability to buy needed items even if you do not have the money to do so

• could be a good way to establish credit

• poor decisions could lead to a low credit score

• special store discounts

Which of the following is a cost associated with credit cards?

• special store discounts

• increased impulse buying may occur

• rewards programs

• cash back

Which of the following is a cost associated with credit cards?

• high interest rates

• special store discounts

• interest free grace period

• ability to buy needed items even if you do not have the money to do so

Which of the following is a benefit associated with credit cards?

• fees for late payments

• cash back

• fees for cash advances

• poor decisions that lead to a low credit score

Which of the following is a benefit associated with credit cards?

• special store discounts

• high interest rates

• may have yearly fees

• increased impulse buying may occur

It is a good rule of thumb to only go into debt for ____.

• items we really need

• vacations we have always dreamed of

• all of the above

Tags

CCSS.7.NS.A.1C

It is suggested that you finance the ____ amount of money for the ____ amount of time possible.

• least, least

• most, most

• least, most

• most, least

Tags

CCSS.7.RP.A.3

It is usually not a good idea to borrow money from ____.

• a bank

• relatives

• a credit union

• the U.S. government

Which of the following is NOT included in the list of decisions you will have to make once you have made the decision to borrow money?

• Where will you borrow the money?

• How much money will you borrow?

• What day of the month will your payment be due?

• How much can you afford to pay in monthly payments?

Tags

CCSS.7.NS.A.3