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
| Question | Answer |
|---|---|
| The two basic forms of credit most commonly used are | credit card installment loan |
| The _____________________ is the percentage of interest you pay on an annual basis based on how much you have borrowed | 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. | |
| If your payment arrives, even one day after the due date, you will be charged a | |
| Credit scores range from | |
| 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. | |
| The ___________ represents how much is still owed on your account from the previous month’s statement. | |
| Your ____________ represents how much is owed on your account after your most recent payments and purchases are taken into account | |
| it has to many characters to fit | 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 __________ | |
| Keep your ____in a safe place and never write it on your card. | |
| 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. | |
| There are two major components which make up your credit history | 1.consumer credit information 2.public record |
| to many characters to fit | bankruptcy foreclosure tax lien |
| There are __main criteria credit bureaus use to determine your credit rating or score | 5 |
| These five criteria are | 1.payment history 2.how much you owe 3.length of credit history 4.how much new credit 5.what types of credit |
| ________________are normally used for various types of big ticket purchases individuals routinely make. | Personal loans |
| to many charcters to fit | installment loan fixed |
| The ________________l is the actual amount of money you borrowed from the lender for your purchase. | principal |
| The __________ can be fixed or it can be adjustable. | interest rate |
| A_______means the interest rate set at the time you take out the loan will be the interest rate you pay throughout the entire term of the loan. | fixed rate |
| An ______________may change during the term of the loan. | adjustable rate |
| The _______ is the length of time the loan is set up for you to pay it back. | term |
| When you put up collateral for a loan, it is said to be a ______________ | |
| __________is an asset, usually what is being purchased, which the bank owns the rights to until the loan is paid in full. | Collateral |
| An unsecured loan is one where the money is loaned to an individual simply on their reputation, sometimes called a signature loan because all the bank has is the individual’s signature on the loan document agreeing to pay back the loan plus interest. | signature loan unsecured loan |
| With a ___________, you get the principle of the loan you borrowed. | lump sum |
| There are three basic fees you may pay when you take out a loan | 1.application fee 2.credit history fee 3.attorney fee |
| We also look at how much they make relative to how much they are obligated for. That is called a _______________ | debt-to-income ratio |
| The term of your loan plays an important role in calculating the ____________of your loan. | overall cost |
Created by:
lee graves
Popular Standardized Tests sets