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Financial Literacy Exam Study Guide Questions and Answers
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  • Financial Literacy

APR - Answer-Abbreviation for Annual Percentage Rate. The APR is basically the cost of credit, or how much you must pay to get a loan, on a yearly basis. The APR is expressed as a percentage, and it reflects the interest rate, as well other fees and charges. APRs can vary widely from one credit car...

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  • October 12, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy exam study guide questions and
  • apr answer abbreviation for annual percentage ra

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Exam Study Guide
Questions and Answers
APR - Answer-Abbreviation for Annual Percentage Rate. The APR is basically the cost
of credit, or how much you must pay to get a loan, on a yearly basis. The APR is
expressed as a percentage, and it reflects the interest rate, as well other fees and
charges. APRs can vary widely from one credit card to another.

Balance - Answer-the amount of money you owe for purchases or other transactions
made with the credit card, and also includes any interest charges, late fees, or other
fees (such as annual fees) associated with your account. Your credit card balance is
your credit card debt.

Grace period - Answer-A period of time a credit card company will provide interest-free
between the date of a purchase and the billing date. If you repay your entire balance
during the grace period, you do not have to pay interest or finance charges. If you carry
a balance from month to month, you do not get a grace period. Some credit cards do
not provide grace periods.

Interest - Answer-The cost of borrowing money, often calculated as a percentage of the
total amount borrowed. When making purchases with a credit card, interest must be
paid on top of the total purchase price of an item if it is not paid off in full during the
grace period. The longer you take to pay off a credit card purchase, the more interest
you pay.

Budget - Answer-a plan of how you will spend the money that you make or receive.

Claim - Answer-the request you make to your insurance company for payment of the
benefits allowed by your coverage. For instance, if you receive a bill for repairs made to
your car, you might submit a claim to your auto insurance company to request they pay
the bill for you.

Compound interest - Answer-interest that's generated not only from the money you put
into an account, but also from the interest you make on that money. In other words, with
compound interest, you earn interest on your interest.

Credit bureaus - Answer-also called credit agencies or credit reporting agencies, are
companies that collect credit information about individuals. They then calculate a credit
score for each individual based on this information. Note that credit bureaus are private,
for- profit businesses-they are not part of the government, though they are overseen by
various government agencies. In the United States, the three major credit bureaus are
Equifax, Experian, and TransUnion.

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