Credit and Credit Cards Quiz 2023

What is the advantage of using credit?

• Interest and fees

• Purchasing power

• Finance charges

• Overspending

What term means how trusted you are to repay borrowed money?

• Open-end credit

• Credit risk

• Creditworthiness

• FICO

Which of these is not a part of your credit score?

• Length of credit history

• Payment history

• Total amount that you owe

• High school grades

If you have a good credit score, you are more likely to:

• Be offered a job

• Be offered loans with better terms

• Be offered low rates on car insurance

• All of the above

An agreement to receive a service now and pay for it later

• Service credit

• Open-end credit

• Closed-end credit

• Credit report

After paying off the balance, which type of credit remains open to be used again?

• Open-end credit

• Service credit

• Closed-end credit

• Finance charged credit

Which term represents interest and all other fees added on to credit purchases?

• Annual fee

• Annual percentage rate

• Introductory rate

• Finance charges

What fee will you pay if you go over your credit limit?

• Minimum payment fee

• Over-the-limit fee

• Introductory rate

• Grace period fee

The highest amount that can be charged to your credit account is called?

• Credit limit

• Free period limit

• Minimum payment limit

• APR limit

Which of the following is an advantage of using credit cards?

• Convenience

• Safety

• Purchase protection

• All of the above