Financial Math Final Review 2024

An electronic communication that moves funds from an account in one bank to an account in a different bank instantly. It is a useful option to send money securely when the two parties are not in the same geographic location.

• WIRE TRANSFER
• ATM
• BANK STATEMENT
• CHECKBOOK
• CHECK

A secured credit card is considered a low risk compared to other credit cards.

• True
• False

A yearly fee that may be charged for having a specific credit card, independent of how you use the card.

• Annual Fee
• Authorized User
• Cash Advance
• Cosigner
• Credit Card

A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill.

• Authorized User
• Annual Fee
• Cash Advance
• Cosigner
• Credit Card

Someone who legally agrees to take responsibility for a person's debt if they cannot repay it.

• Cosigner
• Authorized User
• Annual Fee
• Cash Advance
• Credit Card

The highest credit score you can get is a 950.

• True
• False

A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest.

• Credit Card
• Authorized User
• Annual Fee
• Cash Advance
• Cosigner

A type of credit card that requires the borrower to pay the company a fixed, up-front amount of money as collateral, which becomes the credit limit of the card, thereby making it low-risk to the credit card company.

• Secured Credit Card
• Authorized User
• Annual Fee
• Cash Advance
• Cosigner

A 13% APR is better than a 6% APR.

• True
• False

A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan.

• Down Payment
• Authorized User
• Annual Fee
• Cash Advance
• Cosigner