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WorksheetsCredit
Total questions: 24
Worksheet time: 12mins
Name
Class
Date
1.
The amount charged if your payment is received after the billing due date.
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
2.
The maximum amount you are allowed to carry as a balance on the card
a)
interest
b)
ARP
c)
credit limit
d)
all of these
3.
One of the 5 C's of credit that shows a person's willingness to pay is
a)
capital
b)
collateral
c)
character
d)
capacity
4.
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)
non-sufficient funds fee
5.
The amount you must pay on a credit card, based on a percentage of the outstanding balance.
a)
minimum fee
b)
minimum payment
c)
monthly statement
d)
minimum monthly interest charge
6.
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
7.
Which one is considered a danger of using a credit card
a)
no cash needed
b)
leads to overspending
c)
convenient
d)
earns rewards
8.
A plastic card that you use to access a line of pre-established credit is called:
a)
debit card
b)
credit card
c)
visa
d)
mastercard
9.
Your credit score is not determined off of which of the following:
a)
Payment history
b)
Amount owed
c)
Where you live
d)
Length of credit history
10.
One of the 5 C's of credit that shows one's ability to pay is
a)
capital
b)
collateral
c)
character
d)
capacity
11.
To build a good credit history, you should
a)
open as much credit as possible quickly
b)
use the maximum credit allowed on all your credit cards
c)
pay on time and as much of your balance as possible
d)
all of these
12.
Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.
a)
true
b)
false
13.
One of the 5 C's of credit that refers to property that secures the loan is
a)
capital
b)
collateral
c)
character
d)
capacity
14.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
15.
What is credit?
a)
Free money
b)
Borrowed money
c)
Standard of living
d)
A term that causes tears
16.
What is a credit score?
a)
A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
b)
A five-digit numerical rating that reflects how likely you are to repay your debt.
c)
A three-digit numerical rating that reflects how likely you are to repay your debt.
d)
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
17.
What financial habits determine your credit score?
a)
Payment History & Amount you owe
b)
Length of credit history & Amount of new credit applied for recently
c)
Types of credit open
d)
All of these are correct
18.
What are the three major Credit Reporting Agencies (CRAs)?
a)
Equifax
b)
TransUnion
c)
Experian
d)
All of these are correct
19.
The cost of borrowing money is referred to as
a)
Interest
b)
Annual Percentage Rate
c)
Credit
d)
Credit Line
20.
Which of the following items can be found on a credit card statement?
a)
payments made and new charges
b)
fees and interest charged
c)
year to date totals and how long it will take you to pay it off w/minimum only
d)
all of these
21.
To build a good credit history, you should
a)
pay the minimum or more on your account each month
b)
pay on time or early
c)
be careful not to take on too much debt
d)
all of these
22.
It is wise to compare credit card offers before choosing one
a)
True
b)
False
23.
Which one is a disadvantage of having a credit card?
a)
no cash needed
b)
build your history
c)
could ruin credit history
24.
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
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