Financial Literacy

Front

What is credit?

Back

Receiving goods and services now and paying for them later

Front

When is interest paid?

Back

When you borrow money from a lender and they charge you for the convenience of giving you a line of credit

Front

If managed properly, having credit can:

Back

Increase your credit score and allow you to purchase items on credit

Front

Identify the item that is not a type of credit: savings account, college loan, credit cards, car loan.

Back

savings account

Front

What should you find out before signing up for a credit card?

Back

All of these: if there is an annual fee, what the interest rate is on purchases, what types of late fees could be charged.

Front

Overspending and accumulating too much debt can ruin your credit score.

Back

True

Front

Credit scores range from _____ to _____.

Back

300, 850

Front

Credit scores are based on certain criteria such as: religion, payment history, gender, all of these things.

Back

payment history

Front

Credit scores are based on certain criteria such as: age, gender, how much credit card debt you have, national origin.

Back

how much credit card debt you have

Front

The percentage rate (APR) charged on purchases is called:

Back

interest