Account Statements and Finance Charges- Section 7.1 & 7.2

A fee charged when a payment has not been received by a specified due date.

• interest fee

• annual fee

• late payment fee

The smallest payment a customer can make each statement period to keep the account in good standing.

• cash advance
• balance transfer
• minimum payment

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

The length of time between your statements, often one month in length.

• billing cycle
• credit limit
• grace period

The maximum amount that you can charge on your credit card.

• sero balance
• credit limit
• minimum payment

If you purchase a car, which type of credit are you most likely to use?

• Budget

• Revolving

• Regular

• Installment

What is a credit score?

• A number used to determine how much credit to extend to a person.

• A measure used to indicate a person's gross wealth.

• A reward system that is based on the number of credit cards a person has.

• A formula based solely on a person's earnings.

There are various methods in which to pay for your purchases. Paul used a type of card to pay for his purchase that withdraws money immediately from his checking account. What is this type of payment card called?

• credit card
• debit card
• 401 card
• savings plus card

Is it easy for someone with bad credit to rent an apartment?

• Yes
• No

What is a credit card? 

• a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
• A card that has a set balance that you can only use at one place.
• A card with the money 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

Given the following information. Previous balance of $816.00; payments of $175.00 and $ 85.00; new purchases of $33.98, $145.00, and $ 11.65; finance charge of $ 13.65. What is the New Balance?

• $25.85

• $35.81

• $760.28

• $234.00