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Interest and CC Statements

Authored by Carrie Flynn

Business

9th - 11th Grade

Used 3+ times

Interest and CC Statements
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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is one advantage of having a credit card?

It prevents you from spending more than you earn.
It allows you to make purchases without carrying lots of cash.
It encourages you to budget your money wisely.
It helps you pay off debts that you may have.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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Why would your credit provider give you a credit limit?

To remind you to pay your bill on time.
To prevent you from enjoying the things you buy.
To prevent you from spending more money than you can pay back.
To prevent you from shopping in certain places.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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When you make a credit card purchase at a store, who do you agree to pay?

The store.
The bank where the store keeps its money.
Your credit provider.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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How do credit card companies make money?

By charging late fees and interest to their customers.
By making you pay an extra dollar on every purchase.
By charging late fees and interest to stores and other businesses.
By earning interest on the money they have saved up.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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How is charging a purchase like getting a loan?

You borrow money from your credit provider.
You borrow money from the store in order to pay your credit provider.
You borrow money from an ATM in order to pay your credit provider.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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