Unit 4 Review: Credit Cards, Credit Score & Identity Theft

Front

What is identity theft?

Back

Identity theft is when someone uses your personal information without your permission for personal gain.

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.8.5

CCSS.RI.7.5

CCSS.RI.6.5

Front

What is the primary purpose of a credit report?

Back

The primary purpose of a credit report is to provide a detailed history of your credit activity.

Front

List two advantages of using a credit card.

Back

1. They allow you to carry less cash and to pay for purchases all at once. 2. They allow you to avoid interest charges if you use them properly.

Front

What are interest fees?

Back

Interest fees are charges by a lender on borrowed money.

Tags

CCSS.7.RP.A.3

Front

What action can negatively impact your credit score?

Back

Maxing out your credit cards can negatively impact your credit score.

Front

What is a credit score?

Back

A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

Front

What is the difference between principal and interest?

Back

Principal is the original sum of money borrowed, while interest is the cost of borrowing that money.

Tags

CCSS.7.NS.A.2A

Front

What is a credit card?

Back

A credit card is a payment card that allows the cardholder to borrow funds to pay for goods and services.

Front

What is a credit limit?

Back

A credit limit is the maximum amount of credit that a financial institution extends to a client.

Front

What is a credit utilization ratio?

Back

The credit utilization ratio is the amount of credit used compared to the total credit available, expressed as a percentage.

Tags

CCSS.7.RP.A.3