Unit 7 Vocabulary

Sarah recently opened a new bank account, and she's trying to keep track of her finances. She decided to review her transactions and noticed that she had made several purchases using her debit card. To get a clear overview of her spending, she decided to check her __________ from the bank.

• Credit Card

• Monthly Statement

• Minimum Payment

• Credit

John recently got a new credit card and has been using it for various purchases. He is aware that there is a maximum amount he can spend using the card. He checked his account and it turns out he is very close to going over his __________!

• Minimum Payment

• Balance

• Credit Limit

• Cash Advance

Mary has just gotten married to Rob and decide that now is a good time to combine their expenses. Together, they go to the bank to make Rob a __________ on Mary's new credit card account. Now they will share responsibility for one account.

• Co-applicant

• Beneificary

• Credit Card

• Holder

Tom is considering taking out a loan to buy a new car. As he reviews the loan options from different lenders, he reviews each __________. This will help him calculate the interest he owes each month according to the different lenders. He wants to pick the one with the lowest amount.

• Credit Limit

• Annual Percent Rate

• Cash Advance

• Finance Charge

Emily recently made a purchase using her credit card, and forgot to repay it at the end of the month! When she received her monthly statement, she noticed an additional cost beyond the actual amount of her purchases. This extra cost, representing the interest on the leftover balance, is known as:

• Minimum Payment

• Credit

• Monthly Statement

• Finance Charge

Mark is planning to buy a new laptop but doesn't have enough cash to make the purchase. Instead, he decides to buy the laptop with his __________. Now, he can save up his money this month and make his payment at the end, rather than right now.

• Annual Percent Rate

• Minimum Payment

• Credit Card

• Cash Advance

Alex has a credit card with a credit limit of $2,000. After making a few purchases, he checks his credit card statement online to see how much of his credit limit is still available for additional spending. What term is Alex checking when he reviews the remaining amount he can use on his credit card?

• Available Credit

• Credit Card

• Finance Charge

• Credit Limit

Around the holidays, Jake used his credit card a lot in order to purchase gifts for his family members. Once the holiday season was over, he was scared to go online and check his __________. He knew it was going to be much higher than usual this month!

• Minimum Payment

• Balance

• Co-Applicant

• Cash Advance

Mike is in a pickle. He's on a road trip and finds himself in a small town where his credit card isn't accepted at most places. In need of cash, he decides to use a feature on his credit card that allows him to withdraw money from an ATM. What term best describes this transaction on his credit card?

• Credit Card

• Credit

• Deposit

• Cash Advance

Sage made many purchases this month on her credit card. At the end of the month, she realizes that she did not budget enough money to pay her outstanding balance. At the very least, she decides to make the __________. At least now, she will not get charged a fee for missing a payment completely.

• Minimum Payment

• Maximum Payment

• Finance Charge

• Credit