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Credit Cards

Total questions: 32

Worksheet time: 11mins

Name
Class
Date
1.
What is one advantage of having a credit card?
a)
It prevents you from spending more than you earn.
b)
It allows you to make purchases without carrying lots of cash.
c)
It encourages you to budget your money wisely.
d)
It helps you pay off debts that you may have.
2.
Why would your credit provider give you a credit limit?
a)
To remind you to pay your bill on time.
b)
To prevent you from enjoying the things you buy.
c)
To prevent you from spending more money than you can pay back.
d)
To prevent you from shopping in certain places.
3.
When you make a credit card purchase at a store, who do you agree to pay?
a)
The store.
b)
The bank where the store keeps its money.
c)
Your credit provider.
4.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
5.
How is charging a purchase like getting a loan?
a)
You borrow money from your credit provider.
b)
You borrow money from the store in order to pay your credit provider.
c)
You borrow money from an ATM in order to pay your credit provider.
6.
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. 
7.
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. 
8.
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. 
9.
What is a grace period?
a)
The time allowed to pay your balance with a low interest rate 
b)
The time frame to spend as much money as you can.
c)
The time allowed to pay your balance without being charged. 
10.
Annual Percentage Rate (APR) is the yearly percentage rate of the finance charge. 
a)
True
b)
False 
11.
What is an introductory rate?
a)
An introduction to the credit card 
b)
A fee charged
c)
The interest rate of a specified period. 
d)
A low interest rate offered for a limited time, usually for the first 3 to 6 months. 
12.

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 much 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

13.
How old to you have to be to apply for a credit card?
a)
21
b)
18
c)
16
d)
25
14.
What does APR stand for?
a)
Annual purchase rate
b)
Annual percentage rate
c)
Approximate payment rotation
d)
Authorization processing rate
15.
You cannot have a credit card without getting credit card debt.
a)
True
b)
False
16.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
17.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
18.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
19.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
20.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)

pay off the statement balance, on time, each month

c)
you cannot avoid interest fees
d)

make the minimum payment on time

21.

All credit cards are basically the same, so you don't need to compare them before choosing one.

a)
True
b)
False
22.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
23.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
24.

A fee a consumer pays for making a required minimum payment after the due date.

a)

Over Limit Fee

b)

After Due Date Fee

c)

Late Fee

d)

Post-Dating

25.

A fee charged when your balance goes over your credit limit.

a)

Balance Fee

b)

Over Limit Fee

c)

Credit Limit Fee

d)

Compensation Fee

26.

What is the range for a FICO (Credit) Score?

a)

300 to 850

b)

0 to 100

c)

1 to 10

d)

100 to 1,000

27.

Credit Cards have some of the lowest interest rates when compared to other forms of credit.

a)

TRUE

b)

FALSE

28.

On a Credit card Statement, you can find the following information... (select all that apply)

a)

Account Summary

b)

Payment Information

c)

Checking Account Balance

d)

Transactions

29.

Missing a credit card payment or being late with your payment can lower your credit score.

a)

TRUE

b)

FALSE

30.

Which statement is true of BOTH debit and credit cards?

a)

Both can trap you in an endless cycle of debt if you're not careful

b)

Both allow you to make purchases in a store or online

c)

Both typically have interest rates between 10%-30%

d)

Both require you to pay a minimum monthly payment when your bill arrives

31.

When it comes to protecting your account from fraudulent charges...

a)

A debit card provides more protection

b)

A credit card provides more protection

c)

Debit and Credit cards provide the same amount of protection

d)

Neither type of card provides any protection

32.

Compounding interest on a credit card can be avoided by...

a)

paying the full statement balance every month before the due date

b)

always paying the minimum balance your bill shows you owe

c)

spending equal to or less than your credit limit

d)

not buying anything new until your balance is paid off, even if it takes months or years

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