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Economics: Personal Finance 4

Total questions: 21

Worksheet time: 17mins

Name
Class
Date
1.
The amount you pay to use someone else's money. It is also the amount of money you earn when allowing others to use your money.
a)
Interest
b)
Late Payment Fee
c)
Line of Credit
d)
Minimum Payment
2.
The original amount of money borrowed
a)
Principal
b)
Credit History
c)
Annual Percentage Rate (APR)
d)
Interest
3.

One of the 3 C's of credit that shows a person's willingness to pay is

a)

capital

b)

collateral

c)

character

d)

capacity

4.

The amount credit costs, expressed as a yearly percentage.

a)

periodic rate

b)

APR

c)

finance charge

d)

previous balance

5.

Sharon is 20 years old. She has one gas, two bank, and two department store credit cards. Her application for another credit card has been declined. The probable reason is:

a)

The total amount she can charge on her cards is more than her ability to repay

b)

she pays the complete balance each month.

c)

She is extremely careful about disclosing account information to unsolicited callers.

6.

Dawn graduated from high school and wants to get a credit card. How can Dawn establish credit-worthiness?

a)

Opening a checking account, making regular deposits, and avoiding penalties for insufficient funds

b)

Be extremely careful about disclosing account information

c)

The Truth in Lending Act of 1968

7.

The more credit cards you have, the better.

a)

True

b)

False

8.
Student loans impact your credit score.
a)
Myth
b)
Fact
9.
John just opened a savings account and wants to maximize the amount of interest he earns. Which of the following actions enable him to earn MORE interest?
a)
selecting an account with a higher interest rate
b)
leaving his money in the account for a long period of time
c)
transferring money into his checking account each month
d)
higher interest rate AND leaving money in for a longer time
10.
Restaurant Bill
a)
Fixed Expense
b)
Variable Expense 
11.
Rent Payment
a)
Fixed Expense
b)
Variable Expense
12.
Charity Donation
a)
Fixed Expense
b)
Variable Expense
13.
What is a credit card? 
a)
a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
b)
A card that has a set balance that you can only use at one place.
c)
A card with the money from your checking account. 
14.
What is an annual fee? 
a)
The act of transferring money 
b)
A fee charged by a card issuer for being a card holder. 
c)
The days between the last statement and the current statement. 
d)
A fee charged to a cardholder's account once a payment is late. 
15.
What is a finance charge?
a)
The amount of interest charged to an account for the billing cycle. 
b)
A fixed annual percentage rate of the finance charge.
c)
A charge from the bank for getting a credit card. 
d)
None of the above. 
16.
What is an example of cash advance? 
a)
Asking your siblings for money.
b)
Getting your paycheck early.
c)
Going to the ATM
d)
Going to the store and getting cash back from your credit card. 
17.
Annual Percentage Rate (APR) is the yearly percentage rate of the finance charge. 
a)
True
b)
False 
18.
An interest rate is? 
a)
A low interest rate offered for a limited time by a company. 
b)
The yearly percentage rate of the finance charge. 
c)
The amount of interest charged to an account for the billing cycle. 
d)
The money you gain after paying your bills.
19.
What is a fixed rate?
a)
A rate that is specfically for you 
b)
A rate in which the credit card company must fix your bill. 
c)
A fixed annual percentage rate of the finnance charge.
20.
Paying the minimum payment on a credit card every month will:
a)
Pay a large percentage of the total balance owed every month
b)
Make the final amount paid substantially higher than the amount initially charged to the card
c)
help the cardholder create a plan for paying of a credit card in a decent amount of time
d)
allow the cardholder to avoid paying any interest charges 
21.
What does APR stand for?
a)
Annual purchase rate
b)
Annual percentage rate
c)
Approximate payment rotation
d)
Authorization processing rate

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