Credit

The two most commonly used types of credit are which of the following?

• Debit and ATM cards

• Credit and ATM cards

• Installment loans and credit cards

• Installment loans and debit cards

Whether you are dealing with a loan or a credit card, the actual amount borrowed is known as what?

• Finance charge

• Minimum payment

• Principal

• Annual percentage rate (APR)

Whether you are dealing with a loan or a credit card, the amount of interest your payment includes each month is known as what?

• Finance charge

• Minimum payment

• Principal

• Annual percentage rate (APR)

Whether you are dealing with a loan or a credit card, the percentage used to calculate the amount of interest you owe is called?

• Finance charge

• Minimum payment

• Principal

• Annual percentage rate (APR)

When dealing with a credit card, the amount of money you must pay each month is known as what

• Finance charge

• Minimum payment

• Principal

• Annual percentage rate (APR)

Which of the following does NOT affect the cost of credit?

• Grace period

• Minimum payments

• Finance charges

• Annual fee

Which of the following is the term for a fee a cardholder pays each year for the privilege of using a specific company’s credit card?

• Annual fee

• Finance charges

• Grace period

• Minimum payment

Which of the following is the term for the amount of interest paid on a balance carried each month?

• Finance charges

• Grace period

• Minimum payment

• Annual fee

Which of the following is the term for the time allowed after a purchase is made, but before interest is charged to the account for the purchase amount?

• Minimum payment

• Annual fee

• Grace period

• Finance charges

Which of the following is the term for the fee charged if a payment is late?

• Late fee

• Over the limit fee

• Cash advance fee

• Minimum payment fee