Ch4 L4 & L5

The loss in value of an asset overtime is called...

• Depreciation

• Negative Equity

• Appreciation

• Asset Decline

Match the following credit card fees to the proper description.

• Interest earned on late payments.

• Finance Charge

• Borrowing money on your credit card.

• Balance Transfer Fee

• A yearly payment to own a certain card.

• Over-Limit Fee

• You spent more than your credit limit.

• Cash Advance Fee

• Moving money onto your credit card.

• Annual Fees

The average credit card debt of 30 year old's in the US is ____

• $250

• $4200

• $7000

• $13,000

The average credit card debt in the US for 18 year old's is ___

• $150

• $700

• $1,200

• $5,500

What age must you be in order to take out a credit card on your own in MOST cases?

• 16

• 18

• 21

• 26

When the value of an asset falls below what you paid for it, that is called...

• Depreciation

• Negative Equity

• Appreciation

• Asset Decline

On average, a car loses ​ (a)   of it's value within the first year, leading to ​ (b)   .

• 25%
• negative equity
• Forebearance
• Bankruptcy
• 10%
• 30%
• 35%

True or False: Car dealerships make no money off of financing vehicles/

• True

• False