Unit 8 Review

Front

A special plastic card that you can use to pay for things directly from your bank account.

Back

Debit card

Front

What is one difference between Banks and Credit Unions?

Back

Banks are for profit. Credit Unions are Non-profit.

Front

Which one of the following terms is money that is paid regularly at a particular rate for the use of borrowed money? Options: Deposit, Withdrawal, Interest, Net Worth

Back

Interest

Front

The number that reflects your ability to get a loan and interest rates is your

Back

credit score

Front

How do commercial banks make a profit?

Back

Commercial banks make a profit by paying depositors a lower interest rate than they charge borrowers.

Front

Annual Percentage Rate (APR) is the yearly percentage rate of the finance charge.

Back

True

Front

Paying the minimum payment on a credit card every month will:

Back

Make the final amount paid substantially higher than the amount initially charged to the card.

Front

Which of the following effects Jamie’s credit score the MOST? His education level, Being married, How much he charges his customers, His payments always being on time

Back

His payments always being on time

Front

Which statement BEST describes why title pawn loans should be avoided if possible?

Back

A vehicle title must be provided in exchange for a loan, and people can potentially lose their vehicles if loans are not paid back.

Front

Which of the following financial institutions only serves its members? Savings and loan associations, Commercial banks, Credit Unions, Payday lenders

Back

Credit Unions