Free Printable Final Exam 2023-24 Review I

Worksheets

Final Exam 2023-24 Review I

Total questions: 25

Worksheet time: 22mins

Name

Class

Date

paying for something with money that is borrowed and must be paid back, usually with interest

credit

income

resources

salary

the money paid by the borrower to the lender for the use of the lender's money

interest

savings plan

scarce

purchase

The least amount that must be paid on a credit card each month is

Late Fee

Credit Limit

Payment amount

Minimum Payment

The maximum amount you may borrow on a credit card is known as:

creditworthiness

credit report

credit limit

variable rate of credit

What does APR mean?

Average Person Ratio

Annual Percentage Rate

Always Poke Robots

Apples Peas & Rice

Someone who promises to pay if the borrower fails to pay

Character

Cosigner

Subscriber

Not this one

Withdraw

Keeping track of money

Taking money out of bank account

Putting money in bank account

What is important in establishing good credit?

Making payments on time

Being late on payments

Spending 100% of your credit limit

Missing a payment

The highest FICO score possible is:

1600

1000

850

700

10.

Which one of these is NOT one of the 3 main Credit Bureaus?

Equifax

Experian

FICO

TransUnion

11.

When I write a check for more than I have in the bank it is called:

a felony

an overdraft

a fee

grounds for closing my account

12.

What do debit cards and checks have in common?

The money comes directly out of your account

You can pay the full amount later

You are really taking out a small loan

13.

FICO Scores are calculated from a lot of different credit data in your credit report and are scored from _____ to _____.

100 to 1600

300 to 850

1 to 36

1 to 2400

14.

You are able to obtain your free annual credit report every ____ months.

15.

Benefits of credit cards include:

safe and convenient, bonuses are offered

allows you to build a positive credit report

needed for reservations and online shopping

all of these

16.

Examples of penalty fees include:

over-the-limit fee

late payment fee

returned payment fee

all of these

17.

How can you avoid paying interest fees on your credit card?

Only use it for groceries

pay off the full balance, on time, each month

you cannot avoid interest fees

only use Discover

18.

What is the most important factor of a credit score?

Types of credit

Payment History

Amount of debt

Inquires

19.

What does a credit score represent?

The amount of years a person has been paying a loan.

The amount of credit cards a person has.

The credit history of a person.

The amount of money a person has saved.

20.

What if I have bad credit?

High interest rates on loans

You can easily be approved for a loan

You have a high credit score

Low interest rates on credit cards

21.

The credit company can charge interest if the credit card bill is not paid in full by the due date

True

False

22.

Only making the minimum payment on a credit card every month will:

lower the amount total paid for the purchase

make you independently wealthy

take longer to pay off which will result in paying more interest, more money!

pay off the credit card faster

23.

The least amount that must be paid on a credit card each month is

Late Fee

Credit Limit

Payment amount

Minimum Payment

24.

How can a cardholder avoid paying interest on a credit card?

Do not pay anything

Pay the minimum payment after its due date

Pay the minimum balance every month

Pay the balance in full every month

25.