chapter 7 test

Match the following term with the phrase that describes it: "Period of time you can pay off your balance and avoid a finance charge."

• Grace period

• APR

• Available credit

• Credit card

• Cash advance

Match the following term with the phrase that describes it: "Credit card balance constantly changes."

• Revolving line of credit

• APR

• Credit card

• Available credit

• Cash advance

Match the following term with the phrase that describes it: "Shows your ability to pay on additional debt."

• Credit score

• APR

• Credit card

• Available credit

• Cash advance

Match the following term with the phrase that describes it: "Fees associated with credit."

• Available credit

• Credit card

• APR

• Finance charge

• Cash advance

A credit card allows you to spend money loaned by a financial institution.

• True

• False

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.8.5

Credit cards and debit cards are the same.

• True

• False

Finance charges on credit cards cannot be avoided.

• True

• False

You must complete an application to get a credit card.

• True

• False

A credit report shows a summary of all the companies that have extended credit to you.

• True

• False

Tags

CCSS.RI.11-12.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.8.7

CCSS.RL.9-10.7

A credit card ____.

• gives you unlimited borrowing power

• gives you unlimited borrowing power if you have sufficient collateral

• allows you to borrow a limited amount of money

• requires a down payment

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.9-10.3

CCSS.RI.8.5