Financial Literacy

How can a cardholder avoid paying interest on a credit card?

• Do not pay anything
• Pay the minimum payment after its due date
• Pay the minimum balance every month
•  Pay the balance in full every month

Tags

CCSS.HSS.MD.B.5

The credit company can charge interest if the credit card bill is not paid in full by the due date

• True
• False

Tags

CCSS.5.NF.B.5B

It is best to pay more than the minimum due on your credit card.

• True
• False

Tags

CCSS.7.NS.A.1B

The APR is the same as _______________.

• interest

• credit limit

• discounts

• annual fee

Tags

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Which type of card is borrowing money that you have to pay back later?

• Credit card

• Debit card

Which type of card is directly linked to your bank account?

• Credit card

• Debit card

Which type of card will charge fees if there is an unpaid balance at the end of the month?

• Credit card

• Debit card

Tags

CCSS.7.RP.A.3

CCSS.7.EE.B.3

CCSS.7.NS.A.3

The rate is given as a percent (%).  Before using it in the simple interest formula, you must first convert it to a______.

• fraction
• decimal
• ratio
• dollar amount

Tags

CCSS.7.RP.A.3

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited
• the percent interest for his year
• the amount taxed
• the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3

What does the "I" in the interest formula stand for?

• Important
• Interest
• Internet
• Igloo

Tags

CCSS.HSF.BF.A.2