Credit Credit Credit

You are charged for borrowing money is referred to as

• Interest

• Nothing

• Debit Charge

• Credit limit

The maximum amount you are allowed to charge on the credit card

• interest

• ARP

• credit limit

• all of these

One of the three C's of credit that shows a person's ability to repay the money based on income

• None of these

• collateral

• character

• capacity

The minimum amount you must pay on a credit card, each month that can be costly in the end if you are only paying the minimum each month.

• minimum interest charge

• minimum payment

• monthly statement

• None of the above

Benefits of credit cards include:

• convenient, no need to carry cash

• Can help build credit history if used responsibly

• Can help with expensive purchases

• all of these

Which one is considered a danger of using a credit card

• no cash needed

• can lead to overspending and financial damage.

• convenient

• None of the above

A plastic card that you use to borrow money and given a credit limit.

• debit card

• credit card

• mortgage loan

• auto loan

Your credit score is a range indicating your financial history.

• True

• False

To build a good credit history, you should

• borrow as much money as possible

• use the maximum credit limit allowed on all your credit cards

• pay bills on time and do not overspend

• 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

Tags

CCSS.7.RP.A.3