Schumer Box Quiz

Schumer Box Quiz

12th Grade

15 Qs

quiz-placeholder

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Schumer Box Quiz

Schumer Box Quiz

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

Created by

Cyndy Harrison

Used 9+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a Schumer Box?

To show the credit score required for the credit card

To display the credit limit of the cardholder

To disclose rates and fees of a credit card in a standardized format

To list the rewards available with a credit card

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who sponsored the legislation that led to the creation of the Schumer Box?

Senator Elizabeth Warren

Representative Nancy Pelosi

Senator Chuck Schumer

Representative Paul Ryan

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In what year was the Fair Credit and Charge Card Disclosure Act, which required the Schumer Box, passed?

1988

1990

2001

1995

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What must be disclosed in a Schumer Box?

Credit card color options

Rates, fees, and other key financial information

Cardholder's personal information

List of authorized users

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are purchase APRs required to be disclosed in the Schumer Box?

In at least an 18-point size font

In a hidden section of the credit card agreement

Only upon request by the cardholder

Via email after the account is opened

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does APR stand for?

Annual Percentage Rate

Annual Payback Ratio

Automated Payment Requirement

Adjusted Payment Rate

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a grace period as mentioned in the Schumer Box?

Duration of the credit card's validity

Time to report a lost or stolen card

Time allowed for disputing a transaction

Time period to repay balance before interest is charged

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