Owens Credit Terms Quiz

interest that a lender charges a borrower at a rate above the lawful ceiling on such charges; a contract upon the loan of money with an illegally high interest rate as a condition of the loan

• usury

• due

• grace period

• penalty

If you get your first credit card while you're a full-time student, what can you expect about the card's APR on outstanding balances?

• it will probably be about the same as the APR on your parents' card

• It will probably be low

• It will probably be high

• for the APR to change based on what is purchased

requires lenders to disclose information about all charges and fees associated with a loan.

• Chapter 13

• APR

• Consumer Credit Counseling Service

• Truth In Lending Act

The use of a debit card is most like

• Using a check

• Using a credit card

• Borrowing money

• Lending money

True or False. For consumers, a credit card offers convenience.

• True

• False

When using a debit card to make purchases, you must be certain you:

• Receive a receipt

• Have enough funds in your account

• Provide identification

• None of the above

If your credit card is lost, the first step you should take is:

• Report your card as lost or stolen to your credit card company

• Retrace you step to see if you can find it

• Call all the stores you shop in to see they found it

• None of the above

If you are sure that you will be able to pay off the balance of your credit card bill in full each month, you should consider:

• Getting two credit cards, so you always have a line of credit open for use

• Raising your borrowing limit on your credit card so you can spend more

• Only credit cards that offer a low APR

• Only credit cards that offer zero annual fees even if the APR is high

You can best compare credit card offers by looking at these two features:

• Introductory rate and credit limit

• Principal and interest

• Minimum payment

• APR and fees

the interest rate plus any additional fees charged by the lender

• default

• APR

• due date

• annuity