4.4-4.5B Credit Cards and Statements Worksheet

Front

What is a credit card statement?

Back

A credit card statement is a monthly summary of all transactions made on a credit card, including purchases, payments, fees, and the total balance owed.

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

Front

How is the minimum payment on a credit card calculated?

Back

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

Tags

CCSS.6.RP.A.3C

Front

What does 'New Balance' mean on a credit card statement?

Back

The New Balance is the total amount owed on the credit card at the end of the billing cycle, including any new purchases and interest.

Tags

CCSS.7.RP.A.3

Front

What is 'Total Available Credit'?

Back

Total Available Credit is the amount of credit that remains available for use on a credit card after accounting for the current balance.

Front

What are 'Payments/Credits' on a credit card statement?

Back

Payments/Credits refer to the total amount paid towards the credit card balance during the billing cycle, including any refunds or credits.

Front

What are 'New Purchases' on a credit card statement?

Back

New Purchases are the total amount of new transactions made on the credit card during the billing cycle.

Front

What is the significance of understanding credit card statements?

Back

Understanding credit card statements helps consumers manage their finances, avoid debt, and make informed payment decisions.

Front

What is the formula to calculate the minimum payment if the new balance is $700.93?

Back

Minimum Payment = New Balance x 0.03; For $700.93, Minimum Payment = $700.93 x 0.03 = $21.03.

Tags

CCSS.7.RP.A.3

Front

If a credit card has a total available credit of $7,299.07, what does this indicate?

Back

This indicates that the cardholder can still spend up to $7,299.07 without exceeding their credit limit.

Tags

CCSS.6.NS.C.5

Front

What does it mean if a credit card statement shows a new balance of $1,145.57?

Back

It means the cardholder owes $1,145.57 at the end of the billing cycle, which includes all transactions and fees.

Tags

CCSS.6.NS.C.5