Which of the following is the initial step of a credit card transaction?

Credit card is swiped by the merchant

Authorization code is provided to the merchant

Funds for the purchase are captured on your account

All steps happen at the same time

During which latter step is a customer involved after making a purchase on a credit card?

They are involved when it is time to pay the bill.

They need to make sure the merchant gets a confirmation.

They need to make sure the credit card company gets the transaction.

They are not involved anymore in the purchase.

What is a credit limit?

Maximum amount of all charges on the card at one time

Maximum amount which can be spent on a single purchase

Minimum amount of all charges on a card at one time

Minimum amount that can be spent on a single purchase

For which of the following will additional charges NOT be charged to your account?

Making the minimum payment each month

Not making at least the minimum payment

Charging more than your credit limit

When you make a payment on your credit card, which of the following should be considered?

The number of purchases made on the account

Which section of the credit card statement represents how much was owed at the beginning of the billing cycle and how much is owed at the end of the billing cycle?

Limits and availability of credit

Which section of the credit card statement shows the end date of the billing cycle, as well as the date the payment is due?

Limits and availability of credit

Which section of the credit card statement lists how much has been paid toward the balance of the credit card?

Limits and availability of credit

Which section of the credit card statement reports how much of the credit limit has been used and how much room is left within the credit limit?

Limits and availability of credit

When reconciling a statement, it is best if you have which of the following on hand to check the account for mistakes?

Receipts acquired during the statement period

What does it mean to use a secure credit card?

You can only charge up to what has already been pre-paidon the card.

You have a higher level of security against identity theft.

It tells merchants that your card has been stolen in the past.

To build good credit, which of the following should you NOT do?

Make at least the minimum payment

Only have one to two cards at the most

Which of the following can NOT be on the front of a credit or debit card?

The name of your personal banker

The main credit company such as Visa or MasterCard

A participating business such as a university or a local bank

Of the 16 numbers on a credit card (dealing only with credit companies other than American Express), the first six numbers identify what?

The company who has issued the card

The region and branch location of the company who has issuedthe card

Of the 16 numbers on a credit card (dealing only with credit companies other than American Express), the seventh through tenth numbers identify what?

The region and branch location of the company who has issuedthe card

The company who has issued the card

Of the 16 numbers on a credit card (dealing only with credit companies other than American Express), the eleventh through the fifteenth numbers identify what?

The company who has issued the card

The region and branch location of the company who has issuedthe card

Of the 16 numbers on a credit card (dealing only with credit companiesother than American Express), the last number identifies what?

The company who has issued the card

The region and branch location of the company who has issuedthe card

Credit Basics

Authored by Tracy Lane

Specialty

KG - University

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The two most commonly used types of credit are which of the following?

Installment loans and Credit cards

Credit and ATM cards

Debit and ATM cards

Installment loans and debit cards

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Whether you are dealing with a loan or a credit card,the actual amount borrowed is known as what?

Annual percentage rate(APR)

Minimum payment

Principal

Finance charge

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Whether you are dealing with a loan or a credit card,the amount of interest your payment includes each month is known as what?

Principal

Finance charge

Minimum payment

Annual percentage rate (APR)

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Whether you are dealing with a loan or a credit card,the percentage used to calculate the amount of interest you owe is known as what?

Annual percentage rate(APR)

Finance charge

Principal

Minimum payment

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When dealing with a credit card,the amount of money you must pay each month is known as what?

Finance charge

Annual percentage rate(APR)

Principal

Minimum payment

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following means to default on a loan or credit card?

Make only the minimum payment each month

Stop making payments with no ability to ever make payments

Pay on the balance every month

To pay off your balance in full

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The flexibility of buying on credit is consider which of the following?

An advantage

A pitfall

A disadvantage

A Danger

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Credit Basics

The two most commonly used types of credit are which of the following?

Whether you are dealing with a loan or a credit card,the actual amount borrowed is known as what?

Whether you are dealing with a loan or a credit card,the amount of interest your payment includes each month is known as what?

Whether you are dealing with a loan or a credit card,the percentage used to calculate the amount of interest you owe is known as what?

When dealing with a credit card,the amount of money you must pay each month is known as what?

Which of the following means to default on a loan or credit card?

The flexibility of buying on credit is consider which of the following?

The convenience of buying on credit is considered which of the following?

Easy access when buying on credit is considered which of the following?

Paying interest on small purchases when buying on credit is considered which of the following?

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