Credit Card Knowledge Quiz

What is a credit card?

• A card that allows you to buy items now and pay for them later

• A card that only allows cash withdrawals

• A card that is used only for online shopping

• A card that is used for identification purposes

What is a monthly statement?

• A letter from your bank about your savings

• A form sent by your credit card company to bill you for what you owe every month

• A receipt for a single purchase

• A summary of your yearly expenses

What does minimum payment mean?

• The total amount you owe on your account

• The least amount of your balance that you must pay to the credit card company each month

• The amount you can still charge on your card

• The fee you pay for borrowing money

Who is a co-applicant?

• A person who applies with you for a credit card account

• A person who manages your credit card account

• A person who pays your credit card bills

• A person who issues your credit card

What is a balance in terms of credit cards?

• The total amount of money you owe on your account

• The amount you can still charge on your card

• The fee you pay for borrowing money

• The interest rate on your credit card

What is a finance charge?

• A fee you pay each month for borrowing money

• The total amount you owe on your account

• The amount you can still charge on your card

• The interest rate on your savings account

What does annual percentage rate (APR) refer to?

• The total amount you owe on your account

• The yearly interest rate used to find the interest due each month on the balance not paid

• The fee you pay for borrowing money

• The amount you can still charge on your card

What is a credit limit?

• The most money you can borrow on a credit card

• The total amount you owe on your account

• The fee you pay for borrowing money

• The amount you can still charge on your card

What is available credit?

• The total amount you owe on your account

• The amount you can still charge on your card

• The fee you pay for borrowing money

• The interest rate on your credit card

What is a cash advance?

• The cash borrowed from a credit card account

• The total amount you owe on your account

• The fee you pay for borrowing money

• The amount you can still charge on your card