Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
money matters
STUDY
| Question | Answer |
|---|---|
| The two basic forms of credit most commonly used are | credit basics and installment loans |
| The ____________________________________ is the percentage of interest you pay on an annual basis based on how much you have burrowed. | annual percentage rate |
| You must pay at least the______________ each month to avoid late charges and lowering your credit rating. | minimum payment |
| 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 |
| 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 |
| If your payment arrives, even one day after the due date, you will be charged a late______________ | payment fee. |
| Credit scores range from________________ | 500 to 810 |
| This is an overall score assigned to your account by the credit bureaus. The_________ the number is, the ________your rating is. This means, the _________your credit rating is, the ________ your interest rate will be. | higher better better lower |
| __________ is the interest rate used by most banks and based on the federal fund rate. | Prime rate |
| The __________________ represents how much is still owed on your account from the previous month’s statement. | opening balance |
| Your ____________ represents how much is owed on your account after your most recent payments and purchases are taken into account. | closing balance |
| . If you can not get your dispute cleared up with a merchant, or if the error on your statement is, in your opinion, caused by the credit card company, you have up to______ from the date of the transaction to contact the redit | 60 days |
| . The most you will be liable for is of charges someone else makes on your account. | 50 dollars |
| If you are no longer using a credit card, you should cancel it so the credit limit available to you through this particular credit card company does not affect your______________ | credit rating |
| Keep your ______in a safe place and never write it on your card. | PIN |
| There are three national credit bureaus: | 1.Equifax 2.Experian 3.Transunion |
| Individuals are allowed to get a copy of their own credit report for free _______a year from each of these national credit bureaus | once |
| There are two major components which make up your credit history: | 1.consumer credit information 2.public record |
Created by:
aliabubaker
Popular Economics sets