CM 4.4 Activity Check for Understanding

CM 4.4 Activity Check for Understanding

10th - 12th Grade

10 Qs

quiz-placeholder

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CM 4.4 Activity Check for Understanding

CM 4.4 Activity Check for Understanding

Assessment

Quiz

Mathematics

10th - 12th Grade

Hard

Created by

Frank Wendell

Used 3+ times

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10 questions

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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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