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QUIZ: Ch. 3.5 - 3.7 (Math for Finance)

Authored by Kyle Brown

Mathematics

9th - 12th Grade

CCSS covered

Used 19+ times

QUIZ: Ch. 3.5 - 3.7 (Math for Finance)
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20 questions

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1.

MATCH QUESTION

3 mins • 5 pts

Match the following

Revolving Charge Account

A card that allows the customer to borrow money repeatedly up to a certain limit.

Credit Card

A card that entitles its holder to make purchases and pay for them later.

Average Daily Balance

A card that deducts money directly from a checking account.

Charge Card

A card that requires the balance to be paid in full each month.

Debit Card

The average amount of money owed on a credit card account over a certain period of time.

2.

MATCH QUESTION

3 mins • 5 pts

Match the following

Fair Credit Billing Act

Displays key information about credit card fees, so consumers can easily read it and compare credit cards.

Truth-In-Lending Act

A law that protects consumers from unfair and abusive means to collect the money owed.

Fair Debt Collection Practice Act

A law that protects debit card users from unauthorized debit card transactions, if it's determined to be lost or stolen.

Electronic Funds Transfer Act

A law that protects you if there's any errors in your monthly billing statement.

Schumer Box

A law that offers protection if a credit card is lost or stolen.

3.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Media Image

According to the law, what is the maximum liability you have to pay on your credit card if someone steals it and makes, say, $400 worth of purchases?

Tags

CCSS.7.RP.A.3

4.

MATCH QUESTION

3 mins • 5 pts

Match the following

Credit Card Statement

A recap of all the credit card user's credits and debits that occurred throughout the month.

Credit Line

The max. amount that a person can owe (or spend) on a credit card at one time, whether it's one big purchase or several small purchases.

Billing Cycle

When the monthly payment must be received by the credit card company.

Payment Due Date

When the credit card statement was written by and mailed out to the account holder.

Billing Date

A predetermined set of time set up by the credit card company that is used for calculating a credit card bill, such as the average daily balance.

Tags

CCSS.6.NS.C.7C

5.

MATCH QUESTION

3 mins • 4 pts

Match the following

Account Number

The difference between the max. amount you're allowed to charge to your credit card and the actual amount owed on the card.

Debits

An amount charged to a credit card account.

Available Credit

A unique number that identifies a credit card holder.

Credits

A payment made to reduce your debt AND can count as a refund if you return the item you purchased back to the merchant.

Tags

CCSS.6.NS.C.7C

6.

MATCH QUESTION

3 mins • 5 pts

Match the following

Minimum Payment

This tells you the total amount of money due for the current billing period.

Finance Charge

This is a fee charged on a credit card for the convenience of extra payment time.

Previous Balance

Any money owed prior to the current billing period; it could be from last month or several months before.

Late Charge

This is a penalty for making a payment AFTER the due date.

New Balance

This tells you the smallest amount of money that must be paid in order to keep your account in good standing.

Tags

CCSS.5.NBT.A.2

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

For Nick's 18th birthday, his parents gave him permission to open up a credit card account to help build his credit score. As soon as Nick received his credit card in the mail, a random person walked by and snatched it out of his hands. That person immediately ran over to Staples to purchase $125 worth of "That Was Easy" buttons.

Nick was able to reach his bank and cancel the credit card before the thief charged the credit card at the store. Later that day, the thief was caught and imprisoned by law enforcement (That Was Easy, haha!!). Out of the $125 that was charged to the credit card, how much is Nick responsible for paying back to the credit card company, at least until the criminal is prosecuted in court?

$25

$50

$100

$125

$0

Tags

CCSS.6.NS.C.5

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