Free Printable Credit Cards and Borrowing

Worksheets

Credit Cards and Borrowing

Total questions: 17

Worksheet time: 13mins

Name

Class

Date

Benefits of credit cards include:

safe and convenient, bonuses are offered

allows you to build a positive credit report

needed for reservations and online shopping

all of these

The maximum amount you may borrow on a credit card is known as:

creditworthiness

credit report

credit limit

variable rate of credit

What is the best way to avoid credit card debt? Choose the best answer.

Use several credit cards to avoid putting too much money on one card.

Don't spend more money than you have.

Only use credit cards to by

The cost of borrowing money is referred to as

Interest

Annual Percentage Rate

Credit

Credit Line

What is a good practice when it comes to credit cards?

getting as many credit cards as possible

paying only the minimum

charging anything you want

paying the amount charged in full each month

There’s no penalty if I pay my credit card balance after the due date.

True

False

Having a high credit score will allow lenders to give you lower interest rates.

True

False

Your credit score is not configured off of which of the following:

Payment history

Amount owed

Where you live

Length of credit history

To build a good credit history, you should

open as much credit as possible quickly

use the maximum credit allowed on all your credit cards

pay on time and as much of your balance as possible

all of these

10.

What does APR stand for?

American Peoples Reports

Annual Progress Report

American Percentage Rate

Annual Percentage Rate

11.

How is credit used?

Employers may check job applicants' credit.

Before renting an apartment, the landlord will check the prospective tenant's credit.

If you apply for a cell phone or credit card, your credit will be checked.

All of these are correct, these are only some of the ways credit can be used.

12.

Using your credit card to get cash from a bank, ATM, or by writing a conveneience check.

cash advance

balance transfer

default

13.

True or False: Negative information stays on your credit report for 7-10 years.

True

False

14.

What would be my monthly costs if I chose to bank at Bank of Texas and use my debit card 20 times to pay for lunch?

$10.00

$2.00

$20.00

$4.00

15.

When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which best describes what this is likely to mean for Bryce?

The interest rates on his loan will be lower, since his credit score is low.

The purchase price of the item he needs the loan for will be higher due to his low credit score.

The monthly loan payments will be lower due to his lower credit score.

The interest rates on his loan will be higher, since his credit score is low.

16.

Jake’s credit application has been declined because of his negative credit history. Which is most likely to be true?

Jake pays his bills consistently and on time.

Jake has applied for 4 credit cards and a car loan in the past 6 weeks.

Jake has received 3 traffic tickets in the past 2 months.

Jake holds 2 store credit cards, a bank credit card, a car loan, and a mortgage.

17.

Becky no longer wants to use her Clothes-R-Us store credit card. What is the best thing she could do with the credit card?

File the credit card away for use at a later time.

Let a family member take over the credit account so her credit score will not be affected.

Keep the credit card in her wallet in case she needs proof of identification.

Close the account by phone and in writing, then destroy the card.

Reset

Credit Cards and Borrowing

Total questions: 17

Worksheet time: 13mins

Similar Resources on Wayground