Credit and Credit Cards

Credit and Credit Cards

12th Grade

50 Qs

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Credit and Credit Cards

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Carmen James

Used 2+ times

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50 questions

Show all answers

1.

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The maximum amount you may borrow on a credit card is known as:

creditworthiness
credit report
credit limit
variable rate of credit

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is an annual fee? 

The act of transferring money 
A fee charged by a card issuer for being a card holder. 
The days between the last statement and the current statement. 
A fee charged to a cardholder's account once a payment is late. 

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you avoid paying interest fees on your credit card?

Only use it for groceries
pay off the full balance, on time, each month
you cannot avoid interest fees
only use Discover

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Paying the minimum payment on a credit card every month will:

Pay a large percentage of the total balance owed every month
Make the final amount paid substantially higher than the amount initially charged to the card
help the cardholder create a plan for paying of a credit card in a decent amount of time
allow the cardholder to avoid paying any interest charges 

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Having a high credit score will allow lenders to give you lower interest rates.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?

American Express
Chase Sapphire
Neither
All of the above

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