CREDIT

What does APR stand for?

• Annual Point Ratio 
• Annual Percentage Rate
• A Percent Rate
• Annually Percentage Ratio

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

Grace Period - The time allowed to pay your balance without being charged a finance charge. Usually 25 to 30 days. 

• False
• True

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 three major institutions that keep credit records on individuals and businesses are _____, ______, and ______.

• Equifax, Experian, Trans Union
• Turbo Tax, Experian, Quicken Loans
• Equifax, Quicken Loans, H&R Block
• H&R Block, Turbo Tax, Trans Union

Fees are how credit card companies make money off of you.  Some of the most common fees include:

• Application fee  
• Annual fee
• Returned check fee
• All the above 

You are able to obtain your free annual credit report every ____ months.

• 18
• 6
• 12
• 24

You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?

• None of the above

• Neither

• Chase Sapphire

• American Express

Identity theft occurs when someone uses your personal identifying information to either establish credit under your name or to take over an existing account that you established without your authorization.

• Correct 
• Incorrect