EPF Unit 7 Test review - Money/Credit

Front

Amount charged for a loan or gained for savings.

Back

Interest

Front

What does the annual percentage rate (APR) on a credit card determine?

Back

how much interest you are charge on credit card purchases

Front

Making a minimum payment on a credit card...

Back

mean you are paying a small portion of your credit card debt

Front

Which is NOT TRUE about DEBIT and CREDIT cards? Options: debit cards use money you have in your checking account, credit cards are instant loans that you have to pay interest on, debit cards have higher interest rates, debit cards don't have interest rates

Back

debit cards have higher interest rates

Front

Which of the following will increase your credit card's APR (interest rate)?
Options: paying the minimum, missing a credit card payment, paying off the full balance, cashing in on reward points

Back

missing a credit card payment

Front

Having a good credit score is important, because ___________.

Back

It helps determine whether you get a low or high interest rate on a loan

Front

A __________________ remains on a person’s credit rating for at least seven years, making it almost impossible to get a loan.

Back

bankruptcy

Front

Which of the following can NEGATIVELY impact your credit score?
you use a small amount of your available credit,
you forgot to pay your cable bill on time,
you disputed an item on your credit report,
you paid all your bills in cash

Back

you forgot to pay your cable bill on time

Front

Information that reflects your credit history.

Back

Credit Report

Front

What is the basic definition of a bank?

Back

Institution for storing, saving, and loaning money.