Credit and Finance Quiz

What is the annual fee for having a credit card?

• A. A fee charged every month

• B. A fee charged every year

• C. A fee charged every week

• D. No fee is charged for having a credit card

What does APR stand for?

• A. Annual Percentage Rate

• B. Average Payment Rate

• C. Annual Payment Ratio

• D. Average Percentage Return

What is credit?

• A. An agreement to provide goods, services or money in exchange for future payments, with interest by a specific date or according to a specific schedule

• B. A plastic card authorizing the delivery of goods and services in exchange for future payment, with interest, according to a specific schedule

• C. One who gives credit for money or goods; one to whom a debt is owed

• D. An official record of a borrower’s credit history; includes information such as the amount and type of credit used, outstanding balances, and any delinquencies, bankruptcies, or tax liens

What is a credit union?

• A. A state or federally owned not-for-profit financial cooperative that provides financial services to its members-owners, who have met specific employment, residence, or other eligibility requirements

• B. A plastic card that provides access to electronic funds transfer (EFT) from an automated teller machine (ATM) or point-of-sale (POS) terminal

• C. Something owed; usually measured in dollars

• D. A sum of money put into a bank account

What is a finance charge?

• A. The automatic transfer of salaries, wages, rents, benefits, and other sums, directly into the account of an employee or beneficiary

• B. Total dollar amount paid for credit

• C. Amount of time that a creditor allows before charging extra fees

• D. Money you are paid for lending money or the amount of money that is added to the money you borrowed

An official record of a borrower’s credit history; includes  information such as the amount and type of credit used,  outstanding balances, and any delinquencies, bankruptcies

• Credit Score

• Credit Report

• Payment Plan

• Budgeting skills

A plastic card that provides access to electronic funds  transfer (EFT) from an automated teller machine (ATM)  or point-of-sale (POS) terminal; AKA: Check Card

• Credit Card

• Visa Card

• Master Card

• Debit Card

Smallest amount a consumer is required to pay on a revolving  charge account in order to keep the account in good standing 

• Maximum Payment

• Minimum Payment

• Late Fee

• Finance Charge

Money you are paid for lending money or the amount of  money that is added to the money you borrowed

• Interest

• Savings

• Checkings

• Finances

The automatic transfer of salaries, wages, rents, benefits,  and other sums, directly into the account of an employee  or beneficiary

• Credit Deposit

• Direct Deposit

• Financial Deposit

• Account Balance