Credit Card Quiz

It is better to use a debit card rather than a credit card when purchasing items online

• True
• False

The cost of credit expressed as a yearly interest rate is known as:

• Annual Percentage Rate (APR)
• Annual Fee
• Penalty APR
• Introductory Rate

Benefits of credit cards include:

• safe and convenient, bonuses are offered
• allows you to build a positive credit report
• needed for reservations and online shopping
• all of these

The maximum amount you may borrow on a credit card is known as:

• creditworthiness
• credit report
• credit limit
• variable rate of credit

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

How old to you have to be to apply for a credit card?

• 21
• 18
• 16
• 25

What can you buy or get with a good credit score?

• House 
• Car
• Loan
• All of the above 

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CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

What is an introductory rate?

• An introduction to the credit card 
• A fee charged
• The interest rate of a specified period. 
• A low interest rate offered for a limited time, usually for the first 3 to 6 months. 

What is an annual fee? 

• The act of transferring money 
• A fee charged by a card issuer for being a card holder. 
• The days between the last statement and the current statement. 
• A fee charged to a cardholder's account once a payment is late. 

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Examples of penalty fees include:

• over-the-limit fee
• late payment fee
• returned payment fee
• all of these

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CCSS.7.RP.A.3

How can you avoid paying interest fees on your credit card?

• Only use it for groceries
• pay off the full balance, on time, each month
• you cannot avoid interest fees
• only use Discover