Using Credit

The maximum amount you are allowed to carry as a balance on the card

• interest
• ARP
• credit limit
• all of these

To build a good credit history, you should

• open as much credit as possible quickly
• use the maximum credit allowed on all your credit cards
• pay on time and as much of your balance as possible
• all of these

Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.

• true
• false

What does APR stand for?

• American Peoples Reports
• Annual Progress Report
• American Percentage Rate
• Annual Percentage Rate

What is credit?

• Free money
• Borrowed money
• Standard of living
• A term that causes tears

The cost of borrowing money is referred to as 

• Interest 
• Annual Percentage Rate 
• Credit 
• Credit Line 

To build a good credit history, you should

• pay the minimum or more on your account each month
• pay on time or early
• be careful not to take on too much debt
• all of these

All of the following will help you develop credit except what?

• Credit Card
• Mortgage
• Student Loan
• Paying Cash

______________ help hardworking people fund businesses in low-income communities as part of a plan to reduce poverty.

• Microloans
• Microscopes
• Business loans

Credit is merely a tool to buy something now and pay for it later.

• True
• False