WorksheetsCredit Card Basics
Total questions: 12
Worksheet time: 6mins
Name
Class
Date
1.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
2.
Credit card issuers are required to disclose the terms and fees of credit cards in an easy to read box format is called
a)
Smucker Box
b)
Schumer box
c)
Shamer Box
d)
Shucker Box
3.
Person or organization in need of credit
a)
Co-Signer
b)
Lender
c)
Borrower
d)
Creditor
4.
The cost of credit expressed as a yearly interest rate
a)
EPA
b)
COD
c)
RATE
d)
APR
5.
Maximum dollar amount loaned
a)
Credit Total
b)
Max of Credit
c)
Credit Limit
d)
Credit APR
6.
The charge of borrowing money
a)
Credit Total
b)
Introductory Rate
c)
Interest
d)
Penalty APR
7.
Transferring debt from one credit card to another
a)
Transfer Fee
b)
Deposit debt fee
c)
Penalty Transfer
d)
Balance Transfer
8.
Charged when a cardholder does not make the minimum monthly payment by the due date
a)
Late- payment fee
b)
Late- payment reward
c)
Overtime Fee
d)
Payment Penlty
9.
The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered
a)
Real APR
b)
Interest APR
c)
Late-Pay APR
d)
Penalty APR
10.
A yearly fee that may be charged for having a credit card.
a)
Credit fee
b)
Balance fee
c)
Charge Fee
d)
Annual Fee
11.
Having no credit history can cause an individual to be denied credit
a)
True
b)
False
12.
Credit card applicants will always be accepted for the card they apply for, but they may have to pay a higher interest rate.
a)
True
b)
False
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