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Credit
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Flashcards
25 cards
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Questions
25
Answers
1
To avoid credit card debt, you should not buy anything you do not already have the money for.
False
True
2
This is the lowest amount you must pay toward your credit balance each month.
Minimum Payment
APR
Finance Charge
Interest Rate
3
TOTAL cost of credit for one year is...
Grace Period
Interest Rate
Annual Percentage Rate
Finance Charge
4
What are the Three C's of Credit?
Credit, Cash, Capital
Character, Capital, Capacity
Credit, Capacity, Capital
Character, Charge History, Capital
5
A very poor credit score is...
275
500
325
350
6
You pay $60 each year to have a particular credit card. This is called...
Late Fee
Annual Fee
Credit Card Fee
Processing Fee
7
This is the maximum amount that can be charged to a credit card.
Bank Allowance
Finance Line
Credit Limit
Cash Advance
8
This is a number that represents a person's probability of repaying his or her debt.
Social Security #
Credit Score
Personal Finance Rating
APR
9
To avoid credit card debt, you should seek credit cards with high interest rates.
True
False
10
To avoid credit card debt, you should spread purchases over multiple credit cards.
False
True
11
The period of time during which you are not charged interest on new purchases.
Party Time
Grace Period
Transaction Period
Charge Time
12
What is APR?
Actual Percentage Return
Actual Percentage Rate
Annual Percentage Rate
Actual Payment Rendered
13
Which of the following is used to determine a person's credit score?
Checking Account Balance
Income
Age
Payment History
14
What is the highest possible credit score?
550
100
1,000
850
15
What is the lowest possible credit score?
0
300
350
100
16
An advantage of using credit...
All of the Above
Pay It Later
Immediate Access
Build Credit Score
17
What is the most commonly used credit scoring system?
FDIC
APR
FICO
NFC
18
What is a credit report?
A summary of current events regarding credit.
A report about signing up for a credit card.
A detailed report of an individual's credit history.
A piece of junk mail.
19
Who are the top 3 credit rating agencies?
FICO, Credit Karma, True Credit
Equifax, Experian, TransUnion
Chase, Bank of America, PNC
Visa, Master Card, American Express
20
A penalty fee, in addition to interest, if payment is received past due.
Annual Fee
Late Fee
Finance Fee
Interest Fee
21
Which of the following is used to determine your credit score?
Age
Career
Income
New Credit Issued
22
The total cost you must pay for the credit you use (interest, late fees, etc).
Interest Charge
Finance Charge
Net Cost
Annual Fee
23
Can a credit score be negative?
Yes
No
24
Cash Back and Air Miles are examples of...
ways to pay your credit card.
Penalties
Credit Card Reward Programs
Credit Card Goals
25
The difference between your Credit Limit and the amount you have already borrowed.
Net Expenses
Net Income
Available Balance
Previous Balance
