Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The two basic forms of credit most commonly used are: | show 🗑
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| The _____ __________ ____ is the percentage of interest you pay on an annual basis based on how much you have borrowed. | show 🗑
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| You must pay at least the _______ _______ each month to avoid late charges and lowering your credit rating. | show 🗑
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| When you _______ on a loan or a credit card, this means you have stopped making payments, usually because you are unable to afford the payments. | show 🗑
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| show | American Express
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| The first ___ ______ show which company has issued the card. | show 🗑
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| If you have a credit limit of 500 dollars on your card, and you try to charge more than this amount before you have paid your bill, one of the two things will happen. | show 🗑
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| Three things affect your credit card costs: | show 🗑
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| If you do not pay your balance in full each month, you are _______ ________ for the amount you did not pay. | show 🗑
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| If your payment arrives, even one day after the due date, you will be charged a ____ _______ ___. | show 🗑
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| show | 500 to 810
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| show | higher, better, better, lower
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| _____ ____ is the interest rate used by most banks and based on the federal fund rate. | show 🗑
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| show | opening balance
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| show | closing balance
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| You have up to __ ____ from the date of the transaction to contact the credit card company or lender about the possible error. | show 🗑
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| show | 50 dollars
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| show | credit rating
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| Keep your ___ in a safe place and never write it on your card. | show 🗑
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| There are three national credit bureaus: | show 🗑
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| Individuals are allowed to get a copy of their own credit report for free ____ a year from each of these national credit bureaus. | show 🗑
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| There are two major components which make up your credit history: | show 🗑
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| Public records which are kept on your credit history include: | show 🗑
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| 24. There are _ main criteria credit bureaus use to determine your credit rating or score. | show 🗑
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| show | 1. Payment history
2. Total amount you owe
3. Length of credit history
4. How much new credit
5. What types of credit
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| ________ _____ are normally used for various types of big ticket purchases individuals routinely make. | show 🗑
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| The difference between a bank or installment loan and a credit card payment: | show 🗑
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| The _________ is the actual amount of money you borrowed from the lender for your purchase. | show 🗑
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| The ________ ____ can be fixed or it can be adjustable.The interest rate can be fixed or it can be adjustable. | show 🗑
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| show | fixed rate
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| show | adjustable rate
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| show | term
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| show | secure loan
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| __________ is an asset, usually what is being purchased, which the bank owns the rights to until the loan is paid in full. | show 🗑
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| show | unsecured loan, signature loan
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| show | lump loan
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| There are three basic fees you may pay when you take out a loan: | show 🗑
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| We also look at how much they make relative to how much they are obligated for. That is called a | show 🗑
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| show | overall cost
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Mrs. Eaton-Maddox
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