Question

Help!

Answer 1

1. The time you have to pay your credit card statement before you are charged interest.

A. credit
B. grace period
C. due date
D. balance
2. A form of revolving credit that accrues interest on balances that have no been paid off is a ______________.

A. credit card
B. checking account
C. debit card
D. savings account
3. When your paycheck is deposited into your account automatically, it is called ________________.

A. direct debit
B. direct credit
C. automatic deposit
D. direct deposit
4. When you receive your monthly credit card statement, the balance refers to the ______________.

A. amount you spent
B. credit card limit
C. interest charged
5. An interest rate that changes based on the base rate used by the bank is a ____________.

A. interest rate
B. fixed rate
C. variable rate
6. If you get a personal loan, and the bank asks for something to guarantee the loan, the bank is asking for what?

A. collateral
B. down payment
C. insurance
D. up front money
7. A loan that is used to purchase a home is called a _____________.

A. mortgage
B. down payment
C. home equity loan
8. A mortgage is typically taken out for how many years?

A. 5 or 10 years
B. 15 or 30 years
C. 10 or 20 years
9. Those who have the best credit have often been able to obtain car loans with ____ interest.

A. 2.5%
B. 0%
C. 10%
10. If you write a check from your checking account and you do not have enough funds to cover the amount of the check, your check will have __________.

A. bounced
B. rolled
C. cashed
11. If you go into credit card debt, is best to pay the minimum amount each month or more than the minimum amount

A. more than minimum amount
B. minimum amount
12. Money can be added into your checking account in four ways, cash deposit, check deposit, direct deposit, and transfer.

A. True
B. False
13. The difference between a credit card and a debit card is that when you use a credit card, the amount of money you spend is automatically deducted from your checking account.

A. True
B. False
14. Buying a house (a house that you can afford) is considered bad debt.

A. False
B. True
15. It is necessary to balance your checking account each month.

A. False
B. True