Financial Literacy Review

Front

What happens if you spend more money than is in your account?

Back

Your bank will charge you a fee.

Front

How long does a negative credit action usually remain on a credit report?

Back

7 years.

Front

What can happen if a payment is not made within the due date on a credit card?

Back

You can be charged a late fee.

Front

What does using a credit card allow you to do?

Back

Purchase something now and pay for it later.

Front

What is a debit card?

Back

A card that allows customers to electronically and immediately withdraw funds from their accounts.

Front

What is a credit card?

Back

A card that allows you to borrow money to make purchases, which you pay back later.

Front

What is a late fee?

Back

A charge applied when a payment is not made by the due date.

Front

What is the difference between a credit card and a debit card?

Back

A credit card allows you to borrow money; a debit card withdraws money directly from your account.

Front

What is a credit report?

Back

A record of your credit history, including your borrowing and repayment behavior.

Front

What is a bank fee?

Back

A charge imposed by a bank for various services or account activities.