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Lessons 7 & 8 Credits & Credits Cards

Total questions: 85

Worksheet time: 7hrs 5mins

Name
Class
Date
1.
What is a credit score?
a)
What lenders use to see if you are able to pay back credit
b)
3 numbers
c)
What your score on a test is that was worth credit
2.
What is a credit score?
a)
What lenders use to see if you are able to pay back credit
b)
3 numbers
c)
What your score on a test is that was worth credit
3.
What is your job as a borrower?
a)
To pay back your loans promptly
b)
To borrow as much as humanly possible
c)
Spend your loans and not pay them back
4.
What is credit?
a)
When one party provides money/resources to another party with the intention money gets paid back
b)
What you get when you finish a test and Mr. Beltz puts it in the gradebook
5.
What is credit?
a)
When one party provides money/resources to another party with the intention money gets paid back
b)
What you get when you finish a test and Mr. Beltz puts it in the gradebook
6.
Which of the following is an ADVANTAGE of credit?
a)
No need for carrying cash
b)
Annual Fees
c)
Interest Rates
7.
What type of credit is a credit card?
a)
Single-Payment
b)
Installment Credit
c)
Revolving Credit
8.
What type of credit payment would CFU be?
a)
Revolving Credit
b)
Single-Payment
c)
Installment Credit
9.
What does APR mean?
a)
Average Person Ratio
b)
Annual Percentage Rate
c)
Always Poke Robots
d)
Apples Peas & Rice
10.
What type of loan does Mr. Beltz have to pay off
a)
Car
b)
Home
c)
Phone
d)
Student
11.
When should you use a credit card?
a)
For large purchases!
b)
When I'm hungry
c)
Only for small purchases
d)
Never.
12.
What is a good way to build credit?
a)
Get a co-signer for a loan
b)
Only use cash
c)
Use checks everywhere
13.
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
14.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
15.
The credit company can charge interest if the credit card bill is not paid in full by the due date
a)
True
b)
False
16.
It is best to pay more than the minimum due on your credit card.
a)
True
b)
False
17.
It would be best to have a high credit score
a)
True
b)
False
18.
A credit report is a report showing a borrower's history of how well they paid their bills.
a)
True
b)
False
19.
Only making the minimum payment on a credit card every month will:
a)
lower the amount total paid for the purchase
b)
make you independently wealthy
c)
take longer to pay off which will result in paying more interest, more money!
d)
pay off the credit card faster
20.
Only making the minimum payment on a credit card every month will:
a)
lower the amount total paid for the purchase
b)
make you independently wealthy
c)
take longer to pay off which will result in paying more interest, more money!
d)
pay off the credit card faster
21.
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
22.
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you pay off first
a)
Chase Sapphire
b)
American Express
c)
Interest rate does not affect your minimum payments
d)
All of the above
23.
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you have paid more interest for?
a)
Chase Sapphire
b)
American Express
c)
You pay the same amount of interest for both
d)
All of the above
24.
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.
25.
What happens when you don't have enough money to pay for the things you charged?
a)
You end up owing less than the original amount of money you charged.
b)
You end up owing more than the original amount of money you charged.
c)
You end up owing the same amount of money you charged, it just takes a while to pay off.
26.
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.
27.
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.
28.
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.
29.
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.
30.
What is the best way to avoid credit card debt? Choose the best answer.
a)
Use several credit cards to avoid putting too much money on one card.
b)
Don't spend more money than you have.
c)
Only use credit cards to by 
31.
Easy credit can entice people to make purchases they can't pay off. What does "entice" mean?
a)
prevent
b)
remind
c)
force
d)
lure
32.
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.
33.
Which of the following statements is an opinion?
a)
A bad credit history is one of the worst things that could happen to a person.
b)
A bad credit history can prevent you from getting a mortgage.
c)
A bad credit history may make it difficult to get a student loan for college.
d)
None of these.
34.
What conclusion can you draw about using credit cards?
a)
They should only be used if you have a lot of money in the bank.
b)
They are the best tool you can use to spend money.
c)
They should be used with extreme caution.
35.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
36.
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
37.
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
38.
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. 
39.
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. 
40.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
41.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
42.
It is wise to compare credit card offers before choosing one
a)
True
b)
False
43.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
44.
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 
45.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
46.
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
47.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
48.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
49.
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
50.

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

a)

True

b)

False

51.

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

a)

getting as many credit cards as possible

b)

paying only the minimum

c)

charging anything you want

d)

paying the amount charged in full each month

52.
Your mom goes to the ATM at the bank and withdraws $300 from her savings account with her card. 
a)
Debit card
b)
Credit Card
53.
Your grandmother takes you out for pizza for your birthday. She pays with a card and money for the bill comes out of her checking account. 
a)
Debit card
b)
Credit Card
54.
Your aunt buys you a new outfit for the first day of school. She pays with a card and tells you she’ll pay for it at the end of the month when she gets her bill. 
a)
Debit card
b)
Credit card
55.
Your mom buys groceries and pays with a card. She also gets $30 in cash from her checking account at the bank at the same time. 
a)
Debit card
b)
Credit Card
56.
Your dad goes to the gas station, fills up the car with gas and pays with his card. He will get a bill at the end of the month for the gas.
a)
Debit card
b)
Credit card
57.
You made the softball team. YEAH!!! Dad takes you to buy a uniform. He pays for the purchase with a card, enters his PIN and gets $20 in cash back from his checking account.
a)
Debit card
b)
Credit card
58.
Your dog has to go to the vet for his rabies vaccination. Your mom pays with a card. The cost of the visit to the vet shows up on her monthly bill.
a)
Debit card
b)
Credit card
59.
You got the lead in the school play. Your mom stops at the ATM to get $50 from her savings account then takes you to the fabric store to get supplies to make your costume.
a)
Debit card
b)
Credit card
60.

Which is better?

a)

a high APR

b)

a low APR

61.

What is APR?

a)

the interest rate that you will pay on any unpaid balances

b)

the interest rate that you will pay on any purchases

c)

the fee you pay yearly for being a cardholder

d)

the fee you pay monthly for being a cardholder

62.

Is an annual fee a good or bad?

a)

Good!

b)

Bad!

63.

What is an annual fee?

a)

the interest rate you pay on any unpaid balances

b)

the interest rate you pay on any purchases

c)

the yearly fee you pay for being a cardholder

d)

the monthly fee you pay for being a cardholder

64.

What is a credit limit?

a)

the maximum amount of money you can borrow with one card

b)

the minimum amount of money you can borrow with one card

c)

the amount of money that you borrowed

d)

the amount of money that must be repaid

65.

What is a credit limit?

a)

the maximum amount of money you can borrow with one card

b)

the minimum amount of money you can borrow with one card

c)

the amount of money that you borrowed

d)

the amount of money that must be repaid

66.

What is a credit balance?

a)

the maximum amount of money you can borrow with one card

b)

the minimum amount of money you can borrow with one card

c)

the actual amount of money that you borrowed/spent

d)

the amount of money that must be repaid

67.

What is a minimum payment?

a)

the minimum amount of money you can pay back - you will have to pay interest on the unpaid balance

b)

the minimum amount of money you can pay back - you will NOT have to pay interest

c)

the maximum amount of money that you can borrow with a card

d)

the amount that will be shown on your bill

68.

Paying only the minimum payment will positively affect your credit score.

a)

True

b)

False

69.

Paying only the minimum payment will cost you interest. You will end up paying a lot more for an item in the end!

a)

True

b)

False

70.

Inquiries will...

a)

not affect your credit score.

b)

temporarily affect your credit score.

c)

permanently affect your credit score.

71.

What is length of credit?

a)

the maximum amount of money you can borrow with a credit card

b)

the number of years you have had your oldest card

c)

the amount of debt that you have

d)

the amount you owe on your credit card bill

72.

Inquiries will...

a)

not affect your credit score.

b)

temporarily affect your credit score.

c)

permanently affect your credit score.

73.

What should be your revolving utilization percent?

a)

20%

b)

35%

c)

30%

d)

10%

74.

What should be your revolving utilization percent?

a)

20%

b)

35%

c)

30%

d)

10%

75.

How do you determine your revolving utilization percent?

a)

YOUR DEBT ÷ YOUR CREDIT LIMIT

b)

YOUR MIN. PAYMENT ÷ YOUR CREDIT BALANCE

c)

YOUR CREDIT BALANCE ÷ YOUR CREDIT LIMIT

d)

YOUR CREDIT LIMIT ÷ YOUR CREDIT BALANCE

76.

What is the maximum number of cards you should have when you are new to building credit?

a)

1

b)

2

c)

5

d)

8

77.

What should you never do?

a)

cancel your oldest credit card

b)

cancel your youngest credit card

c)

ask to increase your credit limit

d)

pay your credit balance in full

78.

Why would someone do a balance transfer?

a)

to avoid paying high interest

b)

to avoid payments

c)

to increase their credit score

79.

Which of the following is NOT a factor in your credit score?

a)

Inquiries

b)

Credit Length

c)

Revolving Utilization

d)

Credit Limit

e)

Missed Payments

80.

Card A has an APR of 16.99% and Card B has an APR of 26.98%. Which card do you choose?

a)

Card A

b)

Card B

81.

Card A has an APR of 17.65% and has an annual fee of $95. Card B has an APR of 18.21% and has an annual fee of $0. Which card is better?

a)

Card A

b)

Card B

82.

Card A has an APR of 21.99% and Card B has an APR of 16.98%. Which card do you choose?

a)

Card A

b)

Card B

83.

Card A has an APR of 27.99% and has an annual fee of $0. Card B has an APR of 21.99% and has an annual fee of $95. Which card is better?

a)

Card A

b)

Card B

84.
What is a credit score?
a)
What lenders use to see if you are able to pay back credit
b)
3 numbers
c)
What your score on a test is that was worth credit
85.
What is credit?
a)
Money allocated to a specific account for future use by the consumer without borrowing
b)
Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date
c)
The ability and willingness of an individual to pay back a loan as perceived by the lender
d)
An individual’s character, capital, capacity, collateral and conditions

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