
CM 4.4 Activity Check for Understanding
Authored by Frank Wendell
Mathematics
10th - 12th Grade
10 Questions
Used 3+ times

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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The charge for setting up a loan is...
annual fee
credit fee
origination fee
grace fee
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When a credit card company charges for the use of their credit card it is a(n) ____________.
annual fee
credit fee
origination fee
grace fee
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Finance charge is _______________ cost of using credit card including interest and fees.
the total
half of
twice the
not a
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If a credit card has a 20 day grace period, you have 20 days before the lender ________________
charges interest on the money borrowed
charges interest on the interest
sends you to collections
raises the interest rate
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The purpose of an introductory rate is to ______________.
reward you for being a loyal customer
scare you away from signing up for credit with them
entice you to sign up for credit with them
help you pay off your balance with them
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A credit card company MUST keep their interest rate the same for a minimum of two years.
True
False
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
All lenders are required by law to calculate APR the same way.
True
False
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