Which THREE of these are benefits of using a credit card, instead of a debit card:

You won't lose much if someone hacks your number or uses your card to buy stuff

If you pay on time, you build your credit history

You are less likely to spend more than you can afford

Which THREE of these are benefits of using a debit card, instead of a credit card:

You are less likely to spend more than you can afford

You won't lose much if someone hacks your number or uses your card to buy stuff

If you pay on time, you build your credit history

Which of these will cost you money if you use a credit card for online purchases:

The seller doesn't ship the goods

The seller is a fictituous site

Which of these are an advantage of using a debit card instead of a credit card

You are building your credit score

They are safer against lost cards

According to studies, which TWO of these are true:

Spending cash activates the pain centers in your brain

Using a debit card activates the pain centers in your brain, but not as much as spending cash

Using a credit card activates the pain centers in your brain

Starting school at 7:00 AM activates the pain centers in your brain

Which of these general statements about millionaires is NOT true:

They don't "carry" credit card debt

They don't "carry" any consumer debt.

Using your credit card for a trip when you DO have the cash to pay for the trip, and then paying the credit card bill in full will do all of these EXCEPT:

Be good for your payment history

Be good for your debt-to-equity ratio

Which of these statements is true, if you have cash to pay for your trip, but use your credit card on the trip and then pay the full balance when you get your credit card bill:

Your credit card is safer to carry on your trip than cash would be

Which of these are reasons why credit card companies love college students, according to the article:

Parents will bail out the student if they can't pay the credit card bill

Students have a long credit life ahead of them

Which of these is the reason why credit card companies now require a cosigner before giving a credit card to most students who are under 21:

The credit card companies are worried about the students' financial future

5. Assuming that Stephanie's only debt is the credit card, having a $400 per month debt payment would violate the 10 % rule unless their annual net income was at least $ .

$400/.10 = $4,000; $4,000 x 12 = $48,000

Which of these statements about using credit cards is NOT true:

Credit card companies want you to pay all of the bill, because that is how they make their money.

You will get a monthly bill that lists the purchases that you made that month with your credit card.

When you get the bill, you can pay all of it or part of it.

Credit card companies want you to pay just part of the bill, because that is how they make their money.

Which of these statements about what happens if you max out your credit card, and then pay your credit card bill in full is NOT true:

Your credit score will go down because you hurt your payment history.

Your credit limit gets "reset" - so you can spend your credit limit again.

You will only pay the price of what you bought, without any "extra" charges.

Which of these statements about what happens if you only pay the minimum balance on your credit card is NOT true:

You hurt your credit score because you hurt your payment history.

You still have an outstanding balance.

You pay interest on your outstanding balance.

Your new spending limit is your credit limit minus your outstanding balance.

If you don't pay the full balance when you get your credit card bill, the next month you will owe all of these EXCEPT:

Interest on the new purchases you made during this month

Last month's outstanding balance

The price of any new purchases that you make during next month

Interest on last month's outstanding balance

Which of these statements about minimum payments is NOT true:

They are slightly lower than the interest expense for the month

They are slightly higher than the interest expense for the month

They are how credit card companies make their money

If you don't make at least the minimum payment, you will hurt your payment history

If you only make the minimum payment, you will pay a lot of interest for a long time

Studies show that which of these are true:

Most people spend less when you pay with cash

Most people spend more when you pay with a credit card

Most people spend more when you pay when cash

Most people spend less when you pay with a credit card

Most people spend the same whether you use cash or a credit card.

According to one study, which of these activate the pain centers in your brain?

Using your credit card to buy stuff

Buying a winning lottery ticket

Devin's winning streak at Quizizz

Credit Cards - Takehome Quizizz

Authored by Dean Kuckelman

Financial Education

12th Grade

Used 6+ times

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54 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you are late making a payment on your credit card, which of these things will NOT happen:

It will lower your credit score

It will stay on your credit history for seven years

Your interest rate will increase to the default rate

You will qualify for debt relief

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False. The APR is the maximum balance due that you can have on your credit card.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False. The smallest amount you are allowed to pay each month on a credit card is called the credit limit.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False. If you only pay the minimum payment, you will be paying for a very very long time.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False. If you only pay the minimum balance, you will end up paying a whole big bunch of interest.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these are reasons why your balance won't go down much if you only pay the minimum payment on your credit card bill:

Most of your payment goes toward interest

The minimum payment goes down as the balance goes down

Both of these

Neither of these

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you are at your credit limit, and you pay the minimum balance on time every month, which of these FICO factors will you hurt:

Payment history

Debt-to-credit ratio

Length of credit history

Types of credit

Credit inquiries

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Credit Cards - Takehome Quizizz

If you are late making a payment on your credit card, which of these things will NOT happen:

True or False. The APR is the maximum balance due that you can have on your credit card.

True or False. The smallest amount you are allowed to pay each month on a credit card is called the credit limit.

True or False. If you only pay the minimum payment, you will be paying for a very very long time.

True or False. If you only pay the minimum balance, you will end up paying a whole big bunch of interest.

Which of these are reasons why your balance won't go down much if you only pay the minimum payment on your credit card bill:

If you are at your credit limit, and you pay the minimum balance on time every month, which of these FICO factors will you hurt:

If you are at your credit limit, and you fail to make the minimum balance on time every month, which TWO of these FICO factors will you hurt:

If you cancel one of your credit cards because you don't use it any more, which two of these FICO factors will you hurt:

True or False. If you pay the full balance each month, you will end up paying zero interest.

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