Credit Card Quiz Review

What is the maximum amount of money a credit card issuer will allow a cardholder to borrow?

• APR

• Balance

• Credit Limit

• Credit Score

Which term refers to a numerical representation of an individual's creditworthiness?

• Annual Fee

• Balance

• Credit Score

• Principal

What does APR stand for?

• Average Payment Rate

• Annual Payment Requirement

• Annual Percentage Rate

• Available Payment Ratio

Which term describes the amount of money owed on a credit account?

• Installment Credit

• Service Credit

• Balance

• Revolving Credit

What type of credit involves borrowing a fixed amount of money and paying it back in fixed payments over a period of time?

• Installment Credit

• Revolving Credit

• Service Credit

• Annual Fee

Which term refers to a type of credit that allows a borrower to continuously borrow money up to a certain limit?

• APR

• Variable Rate

• Revolving Credit

• Principal

What type of credit is extended for services, such as electricity or water, that are used before payment is made?

• Installment Credit

• Service Credit

• APR

• Annual Fee

What is a fee charged annually for the use of a credit card?

• Variable Rate

• Balance

• Annual Fee

• Credit Limit

What type of interest rate can change over time, usually in response to changes in the prime rate or other benchmarks?

• Fixed Rate

• Service Credit

• Annual Fee

• Variable Rate

Which term refers to the original sum of money borrowed in a loan or put into an investment?

• Principal

• Installment Credit

• Balance

• Credit Score