Financial Math Credit

Using a credit card allows you to...

• put money into a savings account.
• purchase something now and pay for it later.
• take money directly from your checking account.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

All of these are examples of types of credit except:

• savings account
• college loan
• credit cards
• car loan

Before signing up for a credit card, you will want to find out...

• if there is an annual fee.
• what the interest rate is on purchases.
• what types of late fees could be charged.
• all of these are correct.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A credit card company usually has a grace period for purchases. A grace period is...

• the time period after you make a purchase until the time the interest starts to get charged.
• the time period where interest builds on the amount you purchased.

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Overspending and accumulating too much debt can ruin your credit score

• True
• False

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Annual fee definition

• When you withdraw money from the ATM and it charges you $1.50.
• When a credit card company charges you a fee each YEAR

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Credit scores are based on certain criteria such as

• religion
• payment history
• gender
• all of these things

Credit scores are based on certain criteria such as

• age
• gender
• how much credit card debt you have
• national origin

The percentage rate (APR) charged on purchases is called:

• annual fee
• interest
• balance

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

If you withdraw cash from an ATM with your Credit Card, what happens?

• The grace period will begin.
• Interest will start to be charged right away.