Credit Card Quiz

Credit Card Quiz

7th Grade

25 Qs

quiz-placeholder

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Credit Card Quiz

Credit Card Quiz

Assessment

Quiz

Other

7th Grade

Medium

Created by

Michael Emard

Used 18+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does APR stand for?

Annual Percentage Rate

Average Payment Requirement

Annual Payment Ratio

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is interest calculated on credit card balances?

Simple interest

Compound interest

Variable interest

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the consequence of exceeding the credit limit on a credit card?

No consequence

Lower interest charges

Fees and penalties

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a higher credit score affect the APR on a credit card?

Increases the APR

Decreases the APR

No effect on the APR

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best way to compare credit card offers?

Looking at the color of the card

Comparing the APR and fees

Choosing the first offer

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best way to handle a credit card with a high APR?

Ignore the balance

Pay the minimum payment

Pay off the balance as quickly as possible

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the consequence of carrying a high balance on a credit card?

No consequence

Lower interest charges

Higher interest charges

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