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WorksheetsCredit Cards
Total questions: 10
Worksheet time: 11mins
Name
Class
Date
1.
Each purchase is a loan that is repaid later.
a)
Debit Card
b)
Credit Card
2.
What is credit?
a)
Money allocated to a specific account for future use by the consumer without borrowing
b)
Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date
c)
The ability and willingness of an individual to pay back a loan as perceived by the lender
d)
An individual’s character, capital, capacity, collateral and conditions
3.
What is one characteristic of open-end credit?
a)
A down payment must be made before receiving the loan
b)
Individuals are allowed to borrow an unlimited amount of money as long as they pay it back
c)
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired
d)
Payments are equal and are required on a regular basis
4.
Amount charged if your payment is received after the billing date
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
5.
Maximum amount you are allowed to carry as a balance on the card
a)
interest
b)
ARP
c)
credit line
d)
all of these
6.
This is a fee that some, but not all, credit card issuers charge to use their credit card.
a)
APR
b)
annual fee
c)
monthly fee
d)
no such thing
7.
The amount based on the percentage of the outstanding balance, or a minimum fixed amount
a)
minimum monthly fee
b)
minimum monthly payment
c)
minimum monthly statement
d)
minimum monthly charge
8.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
9.
The rate at which interest is charged on a credit card acount is expressed in terms of its:
a)
Annual Percentile Reduction
b)
Animal Population Rescue
c)
Annual Popsicle Reduction
d)
Annual Percentage Rate
10.
Which one is considered dangers of credit card
a)
no cash needed
b)
lead to over spending
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