WorksheetsPFL # 8a Interest, Credit Cards & Online Commerce
Total questions: 18
Worksheet time: 36mins
Name
Class
Date
1.
A recent study by the Pew Research Center shows that
a)
most people are satisfied with their online purchases.
b)
fewer than 1 in 10 online customers are actually buying products online.
c)
about 2/3 of those who use Internet have made an online purchase.
d)
most people only use the Internet to comparison shop.
2.
All of the following are benefits to buying online EXCEPT you
a)
do not have to fight the traffic or look for a parking space.
b)
must rely on the description given.
c)
have a greater selection of products available.
d)
can shop 24/7 because the stores never close.
3.
When shopping online,
a)
order where you can get the cheapest price.
b)
if the seller puts something in writing, it has to be true.
c)
check out the merchant’s security policy before ordering.
d)
do not worry about comparing shipping charges; all online merchants charge the same.
4.
All of the following are good reasons to buy locally EXCEPT you
a)
have more selection.
b)
can have the product immediately.
c)
can see and feel the product before buying.
d)
have more opportunities to negotiate the price.
5.
Whether buying online or buying from a local merchant, always
a)
use a credit card.
b)
pay the lowest price.
c)
buy from a reputable company.
d)
withhold your payment until you are satisfied with the product.
6.
Which of the following statements is TRUE?
a)
Buying online is always a better deal that buying from a local merchant.
b)
Buying from a local merchant is always a better deal than buying online.
c)
You can save time and money by comparison shopping online and locally before making a purchase.
d)
You cannot save time and money by comparison shopping online and locally before making a purchase.
7.
After completing an online purchase, be sure to
a)
call the seller to be sure they got your order.
b)
print off a copy of your receipt and order number.
c)
exit the Web site quickly so your purchase cannot be tracked.
d)
visit a local merchant to see if they can beat the deal you got online.
8.
The “s” in https indicates you are using a _____ Web site.
a)
superfast
b)
secure
c)
state-approved
d)
seller’s
9.
When buying a product online,
a)
only use PayPal or other similar payment systems.
b)
call the seller to see if they will give you a cash discount.
c)
use a credit card or charge card for increased protection.
d)
send the seller a check because someone could steal your credit card number.
10.
Which of the following is a benefit to using a credit card instead of paying with cash?
a)
It is safer to carry a credit card than to carry cash.
b)
It is cheaper to buy on credit than to pay with cash.
c)
You can take as long as you want to pay off your purchase.
d)
You can spend as much as you want with a credit card; you are limited with cash.
11.
If you get a credit card with a special introductory low interest rate,
a)
your rate will always increase within six months.
b)
you should charge as much as possible because the rate is low.
c)
your card guarantees you that rate as long as you make your payments on time.
d)
you should read the agreement carefully to see what happens when the offer expires.
12.
The process for disputing an incorrect charge on your statement
a)
is explained on the back of your credit card.
b)
requires a phone call to the credit card company.
c)
is explained on the back of your monthly statement.
d)
requires you to pay the bill first, then request a refund.
13.
Credit card companies can change interest rates on their cards only if you
a)
have missed a payment.
b)
charge more than the limit.
c)
are notified in advance.
d)
make the minimum payments.
14.
The minimum payment on your statement indicates the
a)
least amount you can pay without additional late fees.
b)
amount the credit card company expects you to pay.
c)
amount you are required to pay.
d)
amount you should pay each month.
15.
Which of the following statements is BAD advice for a credit card user?
a)
Read your statement carefully each month to see if it contains any errors.
b)
If you cannot make a payment when the bill arrives, just wait until next month.
c)
Save all monthly receipts so you can match it with the charges on your monthly statement.
d)
If you can only make minimum payments on your credit cards, it indicates you are spending more than you can afford to spend.
16.
A credit card
a)
is basically the same as a charge card; both allow you to make monthly payments.
b)
differs from both a charge card or a debit card because it is more convenient to use.
c)
is basically the same as a debit card; both withdraw funds from your checking account.
d)
differs from both a charge card or a debit card because it allows you to make monthly payments on your balance.
17.
Credit cards are classified as revolving credit, which means
a)
you can use the amount for which you are approved.
b)
you can use it for purchases as long as you are earning points.
c)
your payments revolve around how much you charge each month.
d)
your payments will be the same each month, regardless of your balance.
18.
Before getting a credit card, it is important to
a)
ask about the interest rate.
b)
find out what incentives it offers.
c)
read the fine print to understand the terms.
d)
ask about the color of the card or the images on it.
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