WorksheetsCredit!
Total questions: 28
Worksheet time: 14mins
What happens if you don’t pay the entire credit card bill?
1 . Since you are borrowing money, you can have an extra month to pay it.
2. You are now in debt.
3 . You begin accruing interest.
Answers 2 and 3
Where does the money come from when you use your debit card?
Your credit card
Your savings account
Your checking account
The cash register
You pay your credit card bill every two weeks. True or False
True
False
What does APR stand for?
Annual Preceipt Rate
Annual Percentage Ratio
American Payment Rate
Annual Percentage Rate
What is a transaction?
A . When you buy a good or service, or return an item
B . When you take money out of the bank
C . When you put money into the bank
D . B and C
What is an account balance for a CREDIT card? The amount you...
Need
Owe
Paid
What does it mean if you are in debt?
A . You have a bill you haven't paid
B . You owe money to someone
C . You didn't pay your bill in full
D . All of the above
True or False: When you have snowballing debt you have a very low credit score.
True
False
How much does it cost to check your credit score online?
$10
$50
Free
$25 after one free time
How do you get high credit scores?
A . You have loans and pay them monthly
B . You have a credit card and are responsible with your payments
C . You have a history of paying all of your bills, rent, mortgage, and student loans on time.
D . All of the above
True or False: You can build your credit using a debit card.
True
False
Using a debit card is like borrowing money. True or False
True
False
What is a credit limit on a credit card?
The highest amount of money you can spend each month.
The lowest amount of money you can spend each month
Your credit score
The maximum debt you can have
You only are REQUIRED to pay the minimum payment on a credit card each month, but this is not recommended.
True
False
When you use a CREDIT card, the money is automatically taken out of your checking account to pay for the item.
True
False
Opening up a lot of credit cards from stores (Pink, Target, Macy’s, Best Buy, etc) is a smart choice and raises your credit score.
True
False
If you have a credit card and stay well below your credit limit, your credit score will go up.
True
False
If you have a loan and pay your bills in full, your credit score will go up.
True
False
If you have a mortgage (loan for your house) and pay your bill in full each month, your credit score will go up.
True
False
If you are buying a car and have zero credit, you need a cosigner such as a parent in order to get a car loan.
True
False
What is the lowest credit score (assuming you have some credit) you can get?
About 200
About 300
About 500
About 250
What is the highest credit score (assuming you have some credit) you can get?
About 777
About 850
About 600
About 1,000
Do YOU currently have a credit history?
Yes
No
Do you need to have credit if you want to rent an apartment before signing a lease?
A Yes
B . No
C .If you don't you can have a co-signer
A & C
This card helps you keep a monthly budget without ever overspending.
Credit Card
Debit Card
Both
Increased longevity of having a credit card and/or loans can help increase your credit score.
True
False
There is undoubtedly fine print to find and read when opening an account with this type of card.
Debit Card
Credit Card
Both
What type of bill can you pay regularly, on-time, in full to help increase your credit score?
Cable and cell phone bill
Utility bills
Medical bills
Answers 1 and 2
All of the above.
