Credit Card Knowledge Quiz

Credit Card Knowledge Quiz

12th Grade

25 Qs

quiz-placeholder

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Credit Card Knowledge Quiz

Credit Card Knowledge Quiz

Assessment

Quiz

others

12th Grade

Easy

Created by

Aspen Farmer

Used 1+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main purpose of a credit card?

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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