3-6 Credit Card Statement

3-6 Credit Card Statement

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

CCSS
6.NS.C.5, 7.RP.A.3, 6.NS.C.7C

Standards-aligned

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is a credit line?

Back

A credit line is the maximum amount of credit that a financial institution extends to a borrower, allowing them to borrow funds up to that limit.

2.

FLASHCARD QUESTION

Front

How do you calculate available credit?

Back

Available credit is calculated by subtracting the current balance from the credit line. For example, if the credit line is $9,000 and the current balance is $2,608.18, the available credit is $9,000 - $2,608.18 = $6,391.82.

Tags

CCSS.6.NS.C.5

3.

FLASHCARD QUESTION

Front

What is the best way to avoid paying interest on a credit card?

Back

The best way to avoid paying interest is to pay the balance in full every month before the due date.

4.

FLASHCARD QUESTION

Front

What is a finance charge?

Back

A finance charge is the interest charged on a credit account for not paying the total amount owed by the due date.

5.

FLASHCARD QUESTION

Front

What is a credit limit?

Back

A credit limit is the maximum amount you may borrow on a credit card.

6.

FLASHCARD QUESTION

Front

What is the minimum payment on a credit card statement?

Back

The minimum payment is typically a percentage of the new balance, often around 3%.

Tags

CCSS.7.RP.A.3

7.

FLASHCARD QUESTION

Front

What are new purchases on a credit card statement?

Back

New purchases are the total amount of transactions made with the credit card during the billing cycle.

Tags

CCSS.6.NS.C.7C

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