Understanding the Schumer Box

Understanding the Schumer Box

9th Grade

12 Qs

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Understanding the Schumer Box

Understanding the Schumer Box

Assessment

Quiz

Social Studies

9th Grade

Practice Problem

Easy

Created by

Tara Brown

Used 2+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a Schumer Box?

A cryptocurrency wallet

A stock market index

A type of savings account

A table showing credit card rates and fees

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who was involved in the legislation that required the Schumer Box?

Senator Ted Cruz

Senator Bernie Sanders

Senator Charles Schumer

Senator Elizabeth Warren

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What legislation led to the creation of the Schumer Box?

The Fair Credit Reporting Act

The Dodd-Frank Act

The Truth in Lending Act

The Consumer Protection Act

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Schumer Box NOT include?

Credit card rewards program details

Annual percentage rates (APRs)

Late payment fees

Balance transfer fees

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where can you find the Schumer Box if you already have a credit card?

In the credit card's promotional emails

On the bank's website homepage

In the terms and conditions document

On the credit card itself

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the Schumer Box?

To provide a summary of a credit card's rewards

To simplify important credit card information for consumers

To advertise new credit card offers

To display a credit card's design features

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the prime rate?

The interest rate charged to the least creditworthy customers

The interest rate charged to the most creditworthy customers

The average interest rate of all credit cards

The interest rate for international transactions

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