
Credit Study Guide: Practice Flashcard
Flashcard
•
Business
•
9th Grade
•
Practice Problem
•
Medium
Samantha Billig
Used 1+ times
FREE Resource
Student preview

20 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a credit limit?
Back
The maximum amount you can charge on a credit account
2.
FLASHCARD QUESTION
Front
What does APR stand for in credit terms?
Back
Annual Percentage Rate
3.
FLASHCARD QUESTION
Front
Which term describes a loan paid in equal monthly installments?
Back
Installment credit
4.
FLASHCARD QUESTION
Front
What is the purpose of a credit report?
Back
To provide a history of your credit usage and payments
5.
FLASHCARD QUESTION
Front
What is a grace period?
Back
The time allowed to make a payment before interest is charged
6.
FLASHCARD QUESTION
Front
Which factor does NOT affect your credit score? Options: Payment history, Amounts owed, Age, New credit inquiries
Back
Age
7.
FLASHCARD QUESTION
Front
What is revolving credit also known as?
Back
Open credit
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