Vocabulary
Income
What is the additional money you pay when you borrow money?
Interest
What type of account is used for everyday spending?
Checking account
What three-digit number shows how good you are at paying back money you borrow?
Credit score
What is 10% of $150?
$15
What is money you spend?
Expense
What is the max amount you can spend on a credit card?
Credit limit
What type of account is used to save money and earn interest?
Savings account
How does paying bills late affect your credit score?
It lowers it
What is 15% of $320?
$48
What is money you owe?
Debt
What is the fee for spending over the limit?
Overdraft fee
What kind of card pulls money directly from your checking account at the time you make a purchase?
Debit card
If you can borrow money
What is 18% of $575?
$103.50
What is borrowing money to pay for something now, then paying it back later?
Credit
Banks charge this when you miss a payment.
Late fee
What is the term for all the money a person or business makes before subtracting any expenses?
Revenue
What is the lowest possible credit score you can have?
300
What is 20% of $1,125?
$225
What is a number that shows how good someone is at paying back borrowed money?
Credit score
What is the name of the monthly report showing your credit card purchases and payments?
Billing statement
What type of financial institution is nonprofit and member-owned?
Credit union
What is the highest possible credit score you can have?
850
What is 11.25% of $800?
$90