Financial Literacy Vocabulary

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.

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.

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.

Overspending and accumulating too much debt can ruin your credit score

• True
• False

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

Credit scores range from _____ to _____.

• 350, 800
• 300, 850
• 400, 650
• 400,800

Tags

CCSS.HSS.IC.A.1

CCSS.HSS.IC.B.4

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

• annual fee
• interest
• balance

Amount charged if your payment is received after the billing date

• late payment fee
• overdue fee
• withdrawal fee
• loser fee

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.3

CCSS.7.RP.A.3

Your credit score is NOT configured off of which of the following:

• Payment history

• Amount owed

• GPA

• Length of credit history

Money that you make is called...

• income
• variable expense
• propery taxes
• fixed expense

Tags

CCSS.RI.5.10

CCSS.RI.4.10

CCSS.RI.6.4

CCSS.RI.3.10

CCSS.RI.7.4