8. According to the reading: What is a credit line?

A set amount of money that you are allowed to borrow.

A set amount of money that you must spend.

A set amount of money that a bank wants to give you.

A set amount of money that you owe to the bank.

9. According to the reading: With a credit card, what is the bank allowing you to do?

The bank is allowing you to borrow money each time you make a purchase.

The bank is allowing you to take money without paying it back.

The bank is allowing you to deposit money for future purchases.

The bank is allowing you to live your best life with its money.

11. According to the reading: What are two requirements needed to obtain a credit card? (Check all that apply)

You must have a high school diploma.

You must have an established checking and/or savings account.

You must have proof that you pay all your bills on time.

17. According to the reading: What does a high interest rate mean for the card holder?

It means that it is very expensive to borrow money.

It means that it is safe to borrow money.

It means that it is not at all expensive to borrow money.

It means that there is no extra charge or penalty to borrow money.

It means that you should spend as much as possible on your credit card and not worry about paying it back.

18. According to the reading: What does “Late Fee” mean?

That you are being charged a fee for not making your payment on time.

That you are late for curfew and you are now in trouble.

That you are being charged a fee for making purchases online after business hours.

That you are being charged a fee for not notifying the credit card company soon enough that your card was stolen.

19. According to the reading: Is it wise to get a cash advance with a credit card? Why or why not?

No, because the fee to withdraw cash with your credit card is very expensive. Usually around 3% or more.

Yes, because it is no different than using your card to make a purchase at a store of online. Money is money.

Yes, because you need the money now and may not have time to waste waiting until you earn it. Show me the money!

No, because withdrawing cash from an ATM with your credit card is technically considered stealing. You risk being arrested.

20. According to the reading: What happens if the card holder goes over their credit card limit?

They are charged an over-the-limit fee.

They are charged a cash advance fee.

They are charged a foreign transaction fee.

The transaction is just added to the card holder's balance.

21. According to the reading: What is a “Foreign Transaction Fee?”

A fee buying something in a foreign country.

A fee for entering a foreign country.

A fee for using your credit card at a foreign ATM.

A fee for using your credit card online to make purchases.

23. According to the reading: When you have credit cards, what is it easy to do?

It is easy to get caught up in the excitement of spending with credit cards and to spend recklessly.

It is easy to make payments late.

It is easy to buy your favorite math teacher a Thank You gift for being so awesome.

It is easy to ignore your credit card statements and to never pay your balance off.

24. According to the reading: What should you not buy, when you have a credit card?

You should not buy anything that you do not already have the money for.

You should not buy groceries with your credit card.

You should not buy a car with a credit card.

You should not buy a panda with a credit card.

You should not buy expensive things with a credit card.

25. According to the reading: What should you keep track of?

Your time spent making purchases with your credit card.

26. According to the reading: When obtaining a credit card, what should you avoid?

High interest rates or other fees

27. According to the reading: What type of credit card should you shop for?

A credit card that has the lowest interest rates and fees.

A credit card that you can personalize with a picture or graphics.

A credit card that has a high credit limit.

A credit card that allows cash advances.

A Costco credit card that gives you awesome rewards and gives you more reason to shop there.

28. According to the reading: How many credit cards should you have?

As many as you want. You're an adult and it's your money.

29. According to the reading: If credit cards are used responsibly, what can they become?

An useful tool that also provides some protections to consumers.

A great way for you to get all the things you've ever wanted.

A financial burden which will most likely ruin your credit rating.

An unnecessary temptation to spend money that you do not have.

30. According to the reading: What happens if your credit card is lost or stolen and someone makes a purchase?

You are not held responsible as long as you report the card stolen or lost right away.

You are responsible to pay all charges made until the card is deactivated.

You are responsible for up to $100 of the charges made.

You are not responsible for any charges even if you do not report the card stolen or lost.

31. According to the reading: What can a credit card allow you to track?

Your expenses which can help you maintain your budget.

Your online purchases so that you know when your packages will arrive.

Your credit rating since many credit card companies include your credit score on your statement.

32. According to the reading: What does “purchase protection” for a credit card provide?

It provides insurance on purchases so that if a product is defective or broken the credit card company may refund the purchase.

It provides cash back every time you make a purchase.

It provides protection in case you were to become unemployed so that you would still be able to make purchases for a predetermined amount of time.

It provides insurance on purchases so that if your online purchases are lost in the mail or become damaged, the credit card company may refund your money.

34. According to the reading: When are credit card perks and reward programs worth it?

When you pay off your credit card balance each month.

When you cash in the rewards/perks.

When you take a dream vacation using reward miles for a free flight.

They are never worth it since to earn them you have to borrow money from the credit card company.

The Disadvantages & Advantages of Credit Cards

Quiz

•

Mathematics

•

11th - 12th Grade

•

Practice Problem

•

Easy

•

CCSS

RI.11-12.5, RL.11-12.2, RI.11-12.7

+25

Standards-aligned

Shari McCourt

Used 25+ times

FREE Resource

34 questions

Show all answers

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

1. According to the reading: What is the average number of credit cards held by card holders?

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

MULTIPLE SELECT QUESTION

15 mins • 1 pt

2. According to the reading: Why are credit cards being used more often than in the past? (Check all that apply)

They are convenient.

They make you look rich and cool.

They are safer than carrying cash.

They allow people to buy things that they can not afford.

They are easier to produce than in the past.

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

3. According to the reading: What can credit cards do to your financial health?

They will boost your financial health like a multivitamin.

They have no affect on your financial health what so ever.

They will help your financial health some days and hurt it others.

They can place your financial health into serious jeopardy.

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

4. According to the reading: Shortly, after you open a credit card what often occurs?

You go broke.

You buy a lot of stuff you don't need.

You aren't able to pay any of your bills anymore.

You get multiple offers to open other credit cards.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

5. According to the reading: Before you know it, what could easily happen with credit cards?

You often find out you win a trip to Hawaii.

A snowball effect in which you become buried deep in credit card debt.

You become unbelievably happy because you can buy anything you want.

Bill collectors start calling you all hours of the day.

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RL.11-12.2

CCSS.RL.8.2

CCSS.RL.9-10.2

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

6. According to the reading: How much does the average household have in credit card debt?

$12,000

$7,500

$16,000

$25,000

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

7. According to the reading: What does a credit card represent?

A line of credit

Free money

A blackhole

A chance to prove your fiscally responsible

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RL.11-12.2

CCSS.RL.8.2

CCSS.RL.9-10.2

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The Disadvantages & Advantages of Credit Cards

34 questions

1. According to the reading: What is the average number of credit cards held by card holders?

2. According to the reading: Why are credit cards being used more often than in the past? (Check all that apply)

3. According to the reading: What can credit cards do to your financial health?

4. According to the reading: Shortly, after you open a credit card what often occurs?

5. According to the reading: Before you know it, what could easily happen with credit cards?

6. According to the reading: How much does the average household have in credit card debt?

7. According to the reading: What does a credit card represent?

8. According to the reading: What is a credit line?

9. According to the reading: With a credit card, what is the bank allowing you to do?

10. According to the reading: Is obtaining a credit card easy or difficult?

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