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Credit Cards

Total questions: 18

Worksheet time: 5hrs 30mins

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.
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.
3.
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.
4.
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.
5.
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.
6.
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.
7.
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
8.
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
9.
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
10.
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. 
11.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
12.
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
13.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
14.

The main reason why people fall into serious credit card debt is

a)

Irresponsible spending habits

b)

Because they don't make enough money

c)

Because they lose their job

d)

All of the above

15.
The three major institutions that keep credit records on individuals and businesses are _____, ______, and ______.
a)
Equifax, Experian, Trans Union
b)
Turbo Tax, Experian, Quicken Loans
c)
Equifax, Quicken Loans, H&R Block
d)
H&R Block, Turbo Tax, Trans Union
16.

Why should you worry about having "good credit?"

a)

better credit terms

b)

something you can brag about

c)

it's the adult thing to do

d)

bad credit is very expensive to live with

17.

What is debt?

a)

Another word for death

b)

Something, typically money, that is owed or due

c)

A loan on which you do not have to pay interest

d)

That which is incurred during childhood and consummated in college

18.

What is a credit report?

a)

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

b)

A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

c)

A report which shows which credit cards are better than others

d)

A report invented by Allan Greenspan and credited to Al Gore

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