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PF 6.03 Credit Cards

Authored by Brad Faw

12th Grade

Used 26+ times

PF 6.03 Credit Cards
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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A yearly fee charged for having a credit card

Over‐the‐limit fee

Annual fee

Returned payment

fee

Penalty APR fee

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When a credit card company lowers the normal APR for new customers temporarily, to attract new customers

APR

Penalty APR

Introductory APR

Special APR

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The smallest amount that must be paid on a credit card account each month

50% of the balance

Total balance

Minimum payment

25% of the balance

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Sarah is 18. She want a credit card. Which statement is true?

Sarah cannot obtain a credit card until she turns 21.

Sarah will need to use a special application since she is under 25

Sarah can get a card by filling out an application after she is 19.

Sarah can get a credit card if she has a co-signer or proof of income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can someone avoid paying interest on a credit card?

pay the minimum balance each month before the due date

pay the balance in full every month before the due date

only use a credit card for balance transfers only

there is not a way for him to avoid paying interest if he uses his card

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Paying the minimum payment on a credit card every month will

pay a large percentage of the total balance

allow the cardholder to avoid paying any interest charges

make the final amount paid much higher than the initial amount

helps create a plan for paying the balance in a decent amount of time

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

which best describes how to incur Penalty APR.

Megan missed her January payment while she went on vacation

Megan's credit card payment has been paid in full each of the last 6 months

Megan's card had a lower APR for the first year and now the interest rate has increased.

The new computer Megan purchased made her account get close to her credit limit

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