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100

The biggest credit trap for most people that costs them a lot of money is

Minimum payments

100

The fee the bank charges for lending money is known as

interest

100

How can you avoid paying interest on a credit card?

Pay your outsanding balance in full on time every month!

100

Which of the following is NOT an example of an installment loan?

Credit card

100

Which of the following is an example of a revolving loan?

credit card

200

You withdraw money from the ATM using your credit card. This is called

a cash advance

200

Disadvantages of using credit cards

Temptation to overspend or impulse buy.

200

It is important to have multiple kinds of credit.

True

200

"Buy now, pay later" is...

credit

200

What is an annual fee?

a fee you pay every year to have a credit card

300

The best way to raise your credit score is by...

Paying your bills on time

300

What country first granted women the right to vote?

New Zealand

300

Transunion, Experian, Equifax

Credit Bureaus

300

Co-signer

Someone with a better credit score pays your loan if you default.

300

Borrower

Someone who receives something with a promise to return it or its equivalent

400

Lender

A person or organization who makes funds available for others to borrow

400

Credit

An agreement to purchase something now, but pay for it in the future.

400

Down Payment

The amount of a purchase you pay before getting a loan for the rest.

400

Credit Report

A detailed report of an individual's credit worthiness.

400

What is the real name of the superhero character Spider-Man?

Peter Parker

500

What is the color of an emerald?

Green

500

During a grace period...

no interest is charged

500

 What is the best-selling book series of the 21st century?

Harry Potter

500

Which factor would most likely lead to an increase in the interest rate charged on a person's credit card?

Late payments.

500

An interest rate that stays the same throughout the term of the loan is a

fixed rate

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