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8th - 11th Grade

10 Qs

quiz-placeholder

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Assessment

Quiz

Other, Mathematics

8th - 11th Grade

Practice Problem

Hard

Created by

Nazia Ahmad

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is an annual fee? 

The act of transferring money 
A fee charged by a card issuer for being a card holder. 
The days between the last statement and the current statement. 
A fee charged to a cardholder's account once a payment is late. 

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is an example of cash advance? 

Asking your siblings for money.
Getting your paycheck early.
Going to the ATM
Going to the store and getting cash back from your credit card. 

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a grace period?

The time allowed to pay your balance with a low interest rate 
The time frame to spend as much money as you can.
The time allowed to pay your balance without being charged. 

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Annual Percentage Rate (APR) is the yearly percentage rate of the finance charge. 

True
False 

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Paying the minimum payment on a credit card every month will:

Pay a large percentage of the total balance owed every month
Make the final amount paid substantially higher than the amount initially charged to the card
help the cardholder create a plan for paying of a credit card in a decent amount of time
allow the cardholder to avoid paying any interest charges 

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does APR stand for?

Annual purchase rate
Annual percentage rate
Approximate payment rotation
Authorization processing rate

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A credit card statement shows a previous balance of $500, a payment of $200, and new charges of $150. What is the new balance?

$450

$350

$400

$300

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