Foundations in Personal Finance Chapter 4 Test

A yearly fee that's charged by the credit card company for the convenience of the credit card

• Annual Fee

• Annual Percentage Rate (APR)

• ARM

• Balloon Mortgage

Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.

• Annual Fee

• Annual Percentage Rate (APR)

• ARM

• Balloon Mortgage

Tags

CCSS.7.RP.A.2

CCSS.7.RP.A.3

An arrangement to receive cash, goods, or services now and pay for them in the future.

• credit

• credit card

• credit limit

• debit card

Tags

CCSS.HSA.SSE.B.4

A plastic card used to make purchases now and pay for them later.

• credit

• credit card

• credit limit

• debit card

The maximum dollar amount that can be borrowed

• credit

• credit card

• credit limit

• debit card

Tags

CCSS.HSA.CED.A.3

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

• credit

• credit card

• credit limit

• debit card

Tags

CCSS.2.MD.C.8

The act of combining all debts into one monthly payment, typically extending the terms and the length of time required to repay the debt.

• debt consolidation

• debt Snowball

• Depreciation

• finance charge

• foreclosure

a lessening in value

• debt consolidation

• debt Snowball

• Depreciation

• finance charge

• foreclosure

A fee for borrowing money, added to a monthly credit card bill.

• debt consolidation

• debt Snowball

• Depreciation

• finance charge

• foreclosure

The seizure of property from borrowers who are unable to repay their loans

• debt consolidation

• debt Snowball

• Depreciation

• finance charge

• foreclosure

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.CED.A.3