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WorksheetsCheck Your Understanding - Credit Cards
Total questions: 8
Worksheet time: 4mins
True or False: One or more major credit cards are usually accepted at any store or company.
True
False
True or False: The average daily balance method of calculating interest is based on the opening balance of the account for the previous month.
True
False
True or False: The annual fee for a credit card is set by the government.
True
False
True or False: APR measures the interest rate charged by a credit card.
True
False
True or False: You have 60 days to dispute a charge on your credit card.
True
False
Comparing the APR among several credit cards allows you to obtain the:
lowest grace period
lowest annual fee
lowest interest rate
least expensive method of calculating interest
The grace period refers to the time:
taken to process a credit card application
for paying an account without an interest charge
allowed to notify a creditor of a billing error
used for calculating interest
The 20-10 Rule is:
a method used for measuring what you borrow and what you pay.
a way to calculate your annual interest rate.
a way to measure your APR.
a way credit card lenders calculate if you should be approved for a credit card.
