Understanding Credit Card Basics

Understanding Credit Card Basics

Assessment

Flashcard

Financial Education

9th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

What is the primary function of a credit card?

Back

To borrow money for purchases and pay back over time

2.

FLASHCARD QUESTION

Front

What is an "Annual Fee" in terms of a credit card?

Back

A yearly charge by the credit card company for using the card.

3.

FLASHCARD QUESTION

Front

Which of the following best defines "Credit Limit"?

Back

The maximum amount you can charge on a credit card.

4.

FLASHCARD QUESTION

Front

How does a debit card differ from a credit card?

Back

It deducts money directly from your checking account.

5.

FLASHCARD QUESTION

Front

What is the purpose of the "Verification Number" on a credit card?

Back

To prevent unauthorized transactions online or by phone

6.

FLASHCARD QUESTION

Front

What happens if you only pay the "Minimum Payment" on your credit card bill?

Back

You keep the card active but incur interest on the remaining balance.

7.

FLASHCARD QUESTION

Front

What does "Interest Rate" refer to on a credit card?

Back

The percentage of the balance charged if not paid in full.

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