2.2 Credit cards review

2.2 Credit cards review

12th Grade

15 Qs

quiz-placeholder

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2.2 Credit cards review

2.2 Credit cards review

Assessment

Quiz

others

12th Grade

Practice Problem

Easy

Created by

Jillian Lawson

Used 6+ times

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the Annual Percentage Rate (APR)?

a) The fee charged for transferring balances
b) The interest rate charged on outstanding balances
c) The amount of cash back offered for purchases
d) The penalty for missed payments

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the grace period?

a) The time between your credit limit and actual spending
b) The period when you are charged a late fee
c) The time between the end of a billing cycle and the due date to pay the bill
d) The time before your credit score is updated

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the minimum payment?

a) The maximum amount you can borrow on the card
b) The amount you must pay to avoid interest charges
c) The smallest amount you must pay each month to avoid late fees and penalties
d) The total amount due on your credit card

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit limit?

a) The maximum amount you can borrow on the card
b) The minimum balance you must maintain
c) The interest rate charged on your card balance
d) The amount available after rewards are deducted

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are rewards programs?

a) Offers low introductory APRs
b) Earn points, miles, or cash back on purchases
c) Charge interest on outstanding balances
d) Transfer balance from one card to another

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a balance transfer credit card?

a) A card with a low credit limit
b) A card offering low introductory APRs for transferring existing credit card debt
c) A card used for earning rewards on purchases
d) A card that requires a security deposit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the snowball method of paying off debt?

a) Paying off the highest interest rate balance first
b) Paying off the largest debt first
c) Paying off the lowest dollar amount balance first
d) Making minimum payments on all debts

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