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Chapter 4 Credit Cards Flashcards | StudBud
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Chapter 4 Credit Cards
Chapter 4 Credit Cards
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Credit terms
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
What does FTC stand for?
the federal trade commission
federal transit company
the fast trade credit
the federal trout coalition
2
How many credit reporting agencies are there?
8
2
4
3
3
Disclosure Box is
required by grocery stores
required by law
snapshot of credit terms and conditions
details your transactions
4
Introductory APRs can always be extended after the first 18 cycles
True
False
5
You can pay your bills late with no penalty
True
False
6
The best credit score to achieve is
580
650
850
350
7
What information is found in your credit report?
employment history, income
birth date
birth certificate
address
8
Financial Math teaches you about money management
False
True
9
What are periodic finance charges?
the amount of your total balance on all credit cards
the amount of you pay once a year to have a credit card
the amount of your total balance after the due date
is the amount of interest charged on the unpaid balance
10
What is the grace period?
time which you are allowed to pay your credit card bill without interest
time given to complete your transactions
extra time given to apply for a credit card
extra time given to pay your bill after its late
11
Name the three credit reporting agencies
Espy, Ergot, Topshop
Equifax, Experian, TransUnion
Elk, Eel, Trout
Ecco, Energy, Transport
12
Lower interest rates are for people with good or better credit scores
False
True
13
What does APR stand for?
Annual Percentage Rate
Annual Promise Rate
Additional Premium Rate
Annual Party Rides
14
Credit Terms and Conditions are
terms that are outlined in disclosure box
terms that specify what APR rate you pay
the terms you agree to with the creditor
terms you must follow when receipts are signed
