What is the main purpose of a credit card?

Credit Card Knowledge Quiz

Quiz
•
others
•
12th Grade
•
Easy
Aspen Farmer
Used 1+ times
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To store cash securely
To allow purchases now and pay later
To replace a debit card
To withdraw cash from an ATM
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does APR stand for in relation to credit cards?
Annual Percentage Rate
Average Payment Ratio
Automated Payment Requirement
Account Processing Rate
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor has the greatest impact on your credit score?
The number of credit cards you own
Your payment history
The amount of money in your savings account
Your yearly income
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if you only pay the minimum payment on your credit card?
Your balance is paid in full
You avoid paying any interest
You will pay more in interest over time
Your credit score increases
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a credit limit?
The maximum amount you can charge on your card
The amount you owe each month
The amount of interest you pay
The minimum amount due on your card
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the grace period on a credit card?
The time between making a purchase and the transaction posting
The time between the statement date and the payment due date when no interest is charged
The time you have to dispute a charge
The time it takes to receive a refund
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if you exceed your credit limit?
Your credit score increases
The card company automatically raises your limit
You may face fees or declined transactions
The excess amount is erased
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