Financial Literacy

Front

What is the minimum payment on a credit card?

Back

The least amount that must be paid on a credit card each month to avoid late fees.

Tags

CCSS.7.RP.A.3

Front

Why is making payments on time important?

Back

It helps establish good credit and improves your credit score.

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

Front

What affects your credit score?

Back

Using a credit card and making timely payments can positively affect your credit score.

Front

What information does NOT appear on your credit report?

Back

Debit Card balance.

Front

What does a credit score represent?

Back

The credit history of a person, indicating their reliability in repaying debts.

Front

What is a credit limit?

Back

The maximum amount of credit that a financial institution extends to a borrower.

Front

What is a late fee?

Back

A charge imposed for not making a payment by the due date.

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit.

Front

What is a credit report?

Back

A detailed report of an individual's credit history, including credit accounts, payment history, and outstanding debts.

Front

What is interest on a credit card?

Back

The cost of borrowing money on a credit card, usually expressed as an annual percentage rate (APR).

Tags

CCSS.7.RP.A.3