
Credit Card Knowledge Flashcard
Flashcard
•
Life Skills
•
10th Grade
•
Practice Problem
•
Hard
Wayground Content
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13 questions
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1.
FLASHCARD QUESTION
Front
What does APR stand for?
Back
Annual Percentage Rate
2.
FLASHCARD QUESTION
Front
What is a credit score used for?
Back
To determine eligibility for loans
3.
FLASHCARD QUESTION
Front
Which of the following is a benefit of having a good credit score? Lower interest rates on loans, Higher interest rates on savings, Increased loan rejection, Higher insurance premiums
Back
Lower interest rates on loans
4.
FLASHCARD QUESTION
Front
What is the main purpose of a credit card?
Back
To provide a line of credit for purchases
5.
FLASHCARD QUESTION
Front
How often is interest typically charged on a credit card balance?
Back
Monthly
6.
FLASHCARD QUESTION
Front
What is the consequence of missing a credit card payment?
Back
Late payment fee
7.
FLASHCARD QUESTION
Front
Why is it important to check your credit report regularly?
Back
To detect identity theft early
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