Financial Literacy Unit Three Review:Vocabulary

What is the yearly fee charged for having credit called?

• Annual Fee
• Credit Card
• Over the Limit Fee
• User Fee

What was the first credit card?

• Diner's Club
• Visa
• Discover
• Chevrolet

What is a late fee?

• A fee charged by a credit agency when you pay your bill late
• A fee that is charged late at night
• An amount charge for letting you borrow money
• A delicious coffee like beverage

What is the difference between a credit card and a debit card? 

• A debit card is subtracted from your checking account. A credit card is not attached to your checking account. 
• A credit card is subtracted from your checking account. A debit card has a credit limit. 

The least amount that must be paid on a credit card each month is:

• Minimum Payment
• Late Fee
• Credit Limit
• money time

How can a cardholder avoid paying interest on a credit card?

• Pay the balance in full every month
  
• Pay the minimum payment after its due date
• Do not pay anything
• Pay the minimum balance every month

Do you NEED a new car?

• Yes
• No

What is a typical overdraft fee charged by a bank?

• $1.50
• $5
• $11
• $35

How often should you complete a budget?

• Hourly
• Daily
• Weekly
• Monthly

What is the cost to you for using a credit card?

• Interest
• Late Fees
• Annual Fees
• All of the above