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WorksheetsEverfi- Payment Types
Total questions: 20
Worksheet time: 10mins
Which of the following payment types require you to pay upfront?
Money order
Cashier's check
Pre-paid card
All of the above
Which of the following is true?
Checks and Debit Cards both withdraw money directly from a bank account
Checks are the most widely accepted form of payment
Debit Cards often have a higher interest rate
Debit Cards offer the highest level of fraud protection
Which of the following is not true about credit cards
They offer the highest level of fraud protection
They are the best payment type to use when trying to stick to a budget
You can be charged a fee if you are late making a monthly payment
Some offer rewards, like cash back or airline miles
which of the following statements comparing debit cards to credit cards is true
Debit Cards allow you to draw funds directly from your checking account
Debit Cards typically offer greater fraud protection
Debit cards never require a signature
Debit cards have higher interest rates
Which payment method typically charges the highest interest rate
Credit cards
Cashier's check
Pre-paid cards
Payday loans
Which of the following tells you how much your credit card interest will be if you only pay the minimum balance each month
Late fee
Annual membership fee
Balance transfer fee
Annual percentage rate
Which payment type can help you stick to a budget
Credit cards
Debit cards
Payday loans
Cash advances
Which of the following will happen if you miss a monthly credit card payment
You will be charged a late fee
You will lose reward points
Your APR will increase next month
Both A & B
If you are planning to carry a large balance on your credit card, which of the following features should you look for?
Low APR
Low balance transfer fees
Lots of credit card rewards
A large credit limit
What is a credit limit
The required payment to your credit card company
The amount of interest you pay
The maximum amount you can charge each billing cycle
How many credit cards you can own
The annual percentage rate on a credit card determines
the amount of interest you are charged
the amount your credit limit can go up within a year
how many credit cards you own
none of the above
What is the amount of money you still owe to their credit card company called?
Credit Card Interest
Credit Card Balance
Credit Card Limit
Credit Card Fee
Making a credit card minimum payment
Means you are paying a small portion of your total credit card debt
Is the same thing as making a late payment
Will have a negative effect on your credit score
Will cause your credit card to be cancelled
Which of the following is true of both paying with a check and paying with debit card
Both are accepted by most people and most businesses
A personal identification number must be anytime checks or debit cards are used
When used, both take money directly out of a bank account
Both work like a loan from your bank
Which of the following can increase your credit card's APR
Paying the minimum
Missing a credit card payment
Paying off the full balance
Cashing in on rewards points
The amount of money you can charge to a credit card is called:
Annual percentage rate
Balance transfer
Credit limit
Annual fee
What is a credit card balance?
The amount of interest you are charged on a credit card purchase
The minimum payment
A way to track your purchases
The amount of money you still owe to the credit card company
which of the following are true if you pay only the minimum amount each month
You will be charged interest
Your APR will increase
You may be in debt for a long time
Both A & B
Which is not a common credit card fee
Late fee
Annual membership fee
Balance transfer fee
Minimum payment fee
Which payment type is best if you are trying to stick to a budget
Credit Card
Debit Card
Cash Advance
Payday Loan
