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Credit Card Interest

Authored by John Robinson

Social Studies

7th Grade

Credit Card Interest
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of payment cards charges interest if the monthly payment is due?

Credit Card

Debit Card

Credit Card & Debit Card

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

paying for something with money that is borrowed and must be paid back, usually with interest

credit

income

resources

salary

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the best strategy for avoiding credit card interest?

Pay the full balance each month

Skip payments

Pay the minimum balance

Make payments online

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary reason credit card companies charge interest?

To cover operational costs

To encourage timely payments

To make a profit

To penalize late payments

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which factor most influences the interest rate on a credit card?

The cardholder's credit score

The cardholder's age

The cardholder's income

The cardholder's employment status

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the term for the interest rate applied to credit card balances?

Annual Percentage Rate (APR)

Monthly Interest Rate (MIR)

Daily Interest Rate (DIR)

Quarterly Interest Rate (QIR)

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How can a cardholder reduce the amount of interest paid on a credit card?

By increasing the credit limit

By making only minimum payments

By paying off the balance quickly

By using the card more frequently

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