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WorksheetsUnit 4: Credit
Total questions: 15
Worksheet time: 8mins
A type of credit where you can borrow money repeatedly up to a certain limit, and your payment amount changes depending on how much you've borrowed. Credit cards are a common example.
(a)
A type of credit where you borrow a fixed amount of money and pay it back in equal payments over a set period of time. Car loans and mortgages are examples.
(a)
A period of time, usually on credit cards, during which you can pay off your balance without being charged interest.
minimum payment
annual fee
grace period
billing cycle
The percentage of your available credit that you are currently using. It's calculated by dividing your current credit card balances by your total credit limit.
minimum payment
credit utilization rate
available credit
credit limit
Borrowing money or buying something now and promising to pay for it later, often with extra money added (interest).
(a)
The extra money you have to pay when you borrow money or use credit. It's an extra charge for borrowing.
principal
grace period
debt
interest
The original amount of money you borrow, before any extra charges (interest) are added.
principal
debt
annual fee
interest
The total amount of money you owe, including the original amount you borrowed and any extra charges.
principal
debt
annual fee
interest
A number that shows how likely you are to pay back money you borrow. A higher number means you're more likely to pay it back.
credit score
credit report
credit limit
credit history
A record of how you've used credit in the past, like a report card for borrowing money.
credit score
credit report
credit limit
credit history
A record of how you've paid back money you've borrowed in the past. This could be from things like credit cards and loans.
credit score
credit report
credit limit
credit history
The maximum amount of money you can borrow on a credit card or line of credit.
credit score
credit report
credit limit
credit history
Annual percentage rate (APR) is the yearly (a) rate you're charged on a credit card or loan, including any fees.
Something of value that a lender can take if you don't pay back a loan (like a car or a house).
(a)
Failure to pay back a loan or credit card bill as agreed. This can lead to serious consequences, like damaged credit or losing things you used as collateral.
debt
default
credit
interest
