Term 3 Mini Quiz

How much do you currently owe on this credit card?

• $535.07

• $785.00

• $529.57

• $1,784.53

Brady took his family out to eat. He handed the waitress a card to purchase the meal. This charge appeared on a bill that he paid three weeks later. What type of card is this?

• Credit Card

• Debit Card

• Credit Card & Debit Card

Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What type of card is this?

• Credit Card

• Debit Card

• Credit Card & Debit Card

The cost of credit expressed as a yearly interest rate

• EPA
• COD
• RATE
• APR

The charge of borrowing money

• Credit Total
• Introductory Rate
• Interest
• Penalty APR

The least amount that must be paid on a credit card each month is

• Late Fee

• Credit Limit

• Payment Amount

• Minimum Payment

How can a cardholder avoid paying interest on a credit card?

• Do not pay anything

• Pay the minimum payment after its due date

• Pay the balance in full every month

• Pay the minimum balance every month

The rule of thumb for credit card users is not to carry a balance over 30% of your credit limit.

• True

• False

Credit cards can help you build a credit history that will improve your chances of getting house or car loans in the future.

• False 
• True 
• A misleading statement 
• Myth

The more credit cards you have, the better.

• True

• False