Which term describes a charge for not making a payment on time?

• A. Master's degree
• B. Scholarship
• C. Late Fee
• D. Post-secondary education

Answer: (C)

Late fee is the charge you see when a payment isn’t made by its due date. It’s a penalty that helps encourage people to pay on time and to cover extra costs that come with late payments, like administrative work or increased risk for the lender. You’ll commonly see late fees on things like credit cards, loans, rent, or utility bills. The other terms describe education-related ideas, not charges: a master’s degree is an advanced academic credential, a scholarship is financial aid to help pay for schooling, and post-secondary education means any schooling after high school.