Credit Quiz

• When a good or service is received in exchange for a promise to pay a definite sum of money at a future date

• Credit Limit

• Grace Period

• Lender

• Credit

Person or organization that provides the loan

• Lender

• Borrower

• FICO Score

• Interest

Person who receives the money as a loan

• Character

• Lender

• Borrower

• FICO

Term used to describe the cost of borrowing money, typically expressed as an annual percentage of the principal

• Principal

• Interest Rate

• Credit Score

• Loan Term

The score used by lenders to determine the risk of lending money to a borrower

• Interest Rate

• Annual Fee

• Credit Score

• Loan Agreement

Period of time before interest starts accumulating on charged purchases if the balance is not paid in full

• Grace Period

• Minimum Payment

• Due Date

• Balance Transfer

What is the term for the fee charged annually by a credit card company for use of their card?

• Transaction Fee

• Annual Fee

• Interest Rate

• Balance Transfer Fee

What is the term for the cost incurred when transferring a balance from one credit card to another?

• Annual Fee

• Balance Transfer Fee

• Late Fee

• Interest Rate

What is the term used to describe the maximum amount of credit a lender will extend to a borrower?

• Credit Limit

• Loan Term

• Interest Rate

• Annual Fee

What is the term for a fee charged when a payment is not made on time?

• Transaction Fee

• Annual Fee

• Late Fee

• Interest Rate