Module 1.5

Having a _____ means how much you have to pay to borrow money. Borrowing funds and paying it back each month.

• Credit Card

• Debit

• Credit Score

• Interest

Annual means what?

• Monthly

• Every year

• Bi-weekly

• Every day

What do you call the cost you pay each year to borrow money, including fees, expressed as a percentage?

• Interest

• Credit card

• Debt

• Balance

If a person has a low interest rate for their credit card do they have a good or bad credit score?

• Good credit score

• Bad credit score

• Not sure

It is important for people to understand how much credit cards charge, the U.S. government has a law called the ________, which requires companies to publish information about rates and fees in a standard format

• Credit Card Accountability, Responsibility, and Disclosure Act of 2009

• Accountability for Interest Rates

• Credit Card Ownership and Responisbility

When do you have to pay interest on purchases?

• When you do not pay your balance at the end of the month.

• When you purchase any items online

• When you pay it annually

What is a credit score?

• It is a measure of how likely you are to pay your bills.

• It is a measure of how much you spend at the store

• It is measure of how much you have in your account

• It is an understanding how to pay bills

How does a credit score affect your credit?

• When a company considers you to be reliable and will give you a lower rate.

• When you fail to pay the interest rate

• When you know how much the total balance and you do not pay it

• Credit score is a number to show how much you can make annually

What will be the interest rate for penalty APRs?

• Between 16.99% to 26.99% based on your creditworthiness and other factors

• Between 0-1%

• Between 26.99% - 58.99%

How much will the minimum interest charge?

• Less than $0.50

• About $0.75

• $1.99