Credit Card Knowledge
Quiz
•
Life Skills
•
11th Grade
•
Practice Problem
•
Medium
Elizabeth Walley
Used 2+ times
FREE Resource
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which best describes how a credit card works?
The credit card company extends you a line of credit. You purchase "stuff" and then have the choice to pay the balance in full or a minimum payment each month.
The credit card company extends you a line of credit. This is free money that you can use to purchase the "stuff" that you need.
The credit card company extends you a line of credit. You then pay a small percentage of the cost of those purchases in one annual payment.
The credit card company extends you a line of credit. You purchase "stuff" and the purchase gets directly paid with funds in your checking account.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the advantage of paying your credit card balance in full each month?
You avoid paying any interest and fees.
You pay only a small amount of interest.
You have less of your credit limit available, therefore, less temptation to spend.
You will incur only a small "paid in full" fee on your next credit card statement.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an outstanding balance?
The amount you still owe after you have made your most recent payment
The amount you still have in your line of credit
The amount you paid in your minimum payment
The amount you spent in total
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it more difficult to get out of debt when only paying the minimum payment?
The majority of your minimum payment is going toward interest and finance charges and only a small amount toward the principal.
Your credit limit always resets, so you have a lot of spending power each month.
Your entire minimum payment goes toward principal and the interest continues to compound.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The video advises you to "be a deadbeat". What does that mean?
Pay your credit card bill in full and on time every single month, thus paying no interest or fees.
Never open a line of credit so the credit card companies do not make any money.
Make the minimum payment on your credit card on time each month.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is net worth?
Your income
The total sum of your assets
The balance in your bank account(s)
What you own minus what you owe
7.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What specific things could Jeremy (from the video) do to improve his financial situation? (choose all correct answers)
Pay down his student loans and car loans
Increase his line of credit
Save more money each month
Increase his house value through home improvement projects
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