the preset amount of credit available on a credit card

Taking out cash using a credit card.

Allows You To Purchase Now And Pay Back Later

Any fees that may be charged for exceeding the account's credit limit.

What is a "grace period"?

time to pay money spent on credit card back w/o interest

Money borrowed from the bank you will have to repay.

When $$ is taken out of your paychecks, usually court ordered.

Which statement is true about debit and credit cards?

Debit cards withdraw money directly from a bank account; credit cards don't

The smallest amount of money you must pay each month

What is a credit card?

a card you can use to buy items using BORROWED MONEY

A fee that is charged when you pay your bill after the due date

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Financial Literacy-Chapter 13-Basics of Borrowing Credit-Credit Card

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Questions 15

Answers

1
AVAILABLE CREDIT
what you spent last year
the preset amount of credit available on a credit card
a market in which there are many buyers and sellers
a plastic card
2
The Annual Percentage Rate is
the yearly interest paid
The interest rate
The monthly interest paid
The total interest paid on a loan
3
Cash Advance
The smallest amount of money you must pay each month
Moving money you owe from one credit card to another
Taking out cash using a credit card.
The extra money you have to pay when you borrow money.
4
What is credit?
Allows You To Stress Out
Allows You To Make Purchases Using Your Checking Account
Allows You To Buy Anything You Want. Free Money!
Allows You To Purchase Now And Pay Back Later
5
Which card has a credit limit?
Both
Debit Card
Credit Card
Neither
6
Over-Limit Fees
Annual fees
Call Center
Extra money earned
Any fees that may be charged for exceeding the account's credit limit.
7
What is a "grace period"?
how much time you have to earn a certain amount of money
time to pay money spent on credit card back w/o interest
the time in between bank visits
how long it takes to spend all the money in your account
8
What is a loan?
Money the bank just gives you.
A gift of money.
A contest you win.
Money borrowed from the bank you will have to repay.
9
Wage Garnishment
The last payment on a loan that is much higher than all the rest
When the borrower makes payments before the due date to reduce interest
When you ask for $$ to be taken out of your check to pay off some debt
When $$ is taken out of your paychecks, usually court ordered.
10
Which statement is true about debit and credit cards?
Credit cards withdraw money directly from a bank account; debit cards don't
You get a monthly statement for a credit card, but not for a debit card
More businesses accept credit cards than debit cards
Debit cards withdraw money directly from a bank account; credit cards don't
11
Minimum Payment
The smallest amount of money you must pay each month
A higher interest rate you pay if you don’t make payments on time.
Taking out cash using a credit card
The extra money you pay when you borrow money
12
Credit Limit
Maximum credit a lender allows
Charge for exceeding the credit limit
Company that collects overdue debts
Smallest amount to pay to stay in good standing
13
What is a credit card?
a card you can use to buy items using YOUR OWN MONEY
a card you can use to buy items using BORROWED MONEY
a poker card
a normal bank card
14
Late payment fee
A fee that is charged when you pay your bill after the due date
The amount of interest you pay monthly on your loan
The fee you pay to obtain a secured credit card
The fee you pay for a credit card each year.
15
Minimum Payments = Minimum Interest
True
False

Financial Literacy-Chapter 13-Basics of Borrowing Credit-Credit Card Flashcards | StudBud