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Money matters
A review for the test
| Question | Answer |
|---|---|
| The two basic forms of credit most commonly used are: | 1.credit card 2.installment loan |
| The _______ ________ rate is the percentage of interest you pay on an annual basis based on how much you have borrowed. | annual percentage rate |
| 3. You must pay at least the ________ ________ each month to avoid late charges and lowering your credit rating. | minimum payment |
| 4. When you ______ on a loan or a credit card, this means you have stopped making payments, usually because you are unable to afford the payments. | default |
| For instance, while most credit cards and debit cards have 16-digit account numbers, ________ ________ only has 15-digit account numbers. | American Express |
| 6. The first ______ ______ show which company has issued the card. | six digits |
| If you have a credit limit of 500 dollars on your card, and you try to charge more than this amount before you have paid your bill, one of two things will happen. | 1. Either the merchant will be told that the purchase cannot be approved 2. The credit card company will approve the charge, but will charge you an over-the-limit fee. |
| Three things affect your credit card costs: | 1.annual fee 2.finance charge 3.grace periods |
| If you do not pay your balance in full each month, you are _______ ________ for the amount you did not pay. | charged interest |
Created by:
Clayton Schroeder
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