WorksheetsCredit Card Management Quiz
Total questions: 21
Worksheet time: 22mins
Match the term to its definition or description.
This is a kind of credit card where a borrower makes a deposit of collateral in the amount of credit that he or she is seeking. These credit cards are good for those who are building or rebuilding their credit histories.
Secured Credit Card
Unsecured Credit Card
Prepaid Card
Charge Card
A period of time when no interest is charged on a credit card. (If you pay the full amount of your monthly charges each month, you will not have to pay interest.)
Grace Period
Billing Cycle
Annual Fee
Cash Advance
A package of services designed to help consumers manage their debt, including credit education and a debt management plan.
Credit Counseling
Debt Settlement
Bankruptcy
Debt Consolidation
How much did Jane charge on her credit card last month? _ How much did Jane pay on her credit card last month? _ Because she did not pay the full amount last month, she has to pay interest on the difference of: _ The amount of interest that she has to pay is _ Jane charged _ on her credit card this month. Her new balance is _ Although the minimum payment is _, she should pay _ this month. Jane's limit on this card is _ and it will let her spend up to _ more this month. The payment is due on or before _. Jane must pay _ interest on purchases for the year- this is _ each month. If Jane went to a bank, or went to ATMs several times, how much cash could she get in one month using her credit card? _
100
200
300
400
The total amount of charges for this month so far is _. The highest charge was _ at _. The lowest charge was _ at _. On what day did this person make charges at the most places? _ Twice, this person charged the same amount of _ for _.
500
600
700
800
To whom should the payment check be sent? _ What is the least amount that should be sent? _ What amount should REALLY be sent? _ When is the payment due? _ By what date should the payment be mailed? _ What should be written on the memo line of the payment check? _ What do you write in the empty box in the middle of the payment stub? _ Why would you check the box at the top of the stub? _
Bank Name
Credit Card Company
Your Name
Your Address
What should you mail in the envelope to pay your credit card bill?
Payment Check
Credit Card Statement
Application Form
Identity Proof
If you think your payment will not be on time through the mail, you should _.
Call Customer Service
Send it Early
Use Online Payment
Ignore It
How much did Jim charge on his credit card last month? _ How much did Jim pay on his credit card last month? _ Jim charged _ on his credit card this month. Jim's limit on this card is _ and it will let him spend up to _ more this month. If Jim went to a bank, or went to ATMs several times, how much cash could he get in one month using his credit card? _
150
250
350
450
The total amount of charges for October so far is _. The highest charge for September and October was _ at _. The lowest charge for September and October was _ at _. On what day did this person pay the previous month's bill? _ Charges for necessities include _ for _. Charges for wants total _.
900
1000
1100
1200
To whom should the payment check be sent? _ What is the least amount that should be sent? _ What amount should REALLY be sent? _ When is the payment due? _ What should be written on the memo line of the payment check? _ What do you write on the empty line in the middle of the payment stub? _
Bank Name
Credit Card Company
Your Name
Your Address
If you buy new tires for your car and you charge them on this credit card, but do not pay them fully when the bills comes, you will pay this interest rate: _. If you go to an ATM and get $200 cash from your credit card, you will pay this interest rate: _. This could cause your interest rate to increase: _. On this card, you earned _ points this month. You have _ total rewards points.
15%
20%
25%
30%
Although the minimum payment is _, Jim should pay _ this month. The payment is due on or before _. If Jim does not pay his bill on time, he will have _. If Jim pays the minimum and does not put any more charges on the credit card, it will take _ to pay off the $1314.15 and he will have to pay _.
100
200
300
400
The most important factor in determining your credit score is...
Payment History
Credit Utilization
Length of Credit History
Types of Credit
A person with a higher credit score may get a _ interest rate on a loan and ultimately pay _ for a house or car. A person with a lower credit score may get a _ interest rate on a loan and ultimately pay _ for a house or car.
Lower
Higher
Same
Variable
Choose the actions that can help you improve your credit score/rating (choose all that apply).
Pay Bills on Time
Max Out Credit Cards
Avoid New Credit
Check Credit Report Regularly
Your Good credit score means that you will get the 6.90% interest rate on a car loan. How much will you pay each month for a 7 year loan?
200
300
400
500
A mortgage is ...
a loan to buy a property, using the property as collateral.
any loan over the Federal Government's established conventional loan amount.
a loan for a house or car, using an amortization schedule.
a legal procedure in which real estate is sold by the lender to pay a defaulting borrower’s debt.
Match each mortgage term to its definition or description:
1) A loan insured by the Federal Housing Administration open to all qualified home purchasers.
2) A mortgage neither insured by the FHA nor guaranteed by the VA.
3) A legal procedure in which real estate is sold by the lender to pay a defaulting borrower’s debt.
4) A schedule of equal payments - usually paying more interest than principal at first
5) Fees paid by the borrower when purchasing or refinancing a property
A) amortization
B) foreclosure
C) FHA loan
D) closing costs
E) conventional loan
Match each mortgage term to its definition or description.
Match the term to its definition or description.
1-A fee assessed for paying the minimum balance of a credit card after the due date
2-A once-yearly charge for having a credit card. Cards with annual fees usually have a lower interest rate
3-An interest rate that does not vary during the life of a loan
4-The smallest amount of money a borrower can pay monthly toward his credit card, usually 2% of the balance
5-A transfer of debt from one credit card to another, usually for a fee
6-A particular interest rate charged when a consumer defaults on a credit agreement. Usually much higher than normal rate
7-A lower interest rate offered on a new credit card, usually the first 6 months. After the introductory period, the interest rate increases
8-The maximum amount of credit a borrower can use on a particular line of credit (e.g., a credit card). Exceeding the limit usually involves a penalty fee
9-The charge for borrowing a sum of money, usually expressed as a percentage of the original loan charged annually
10-An interest rate that changes based on the moves of another rate index, usually the prime rate
A-balance transfer
B-introductory APR
C-interest rate
D-annual fee
E-credit limit
F-minimum monthly payment
G-late fee
H-fixed rate
I-default rate
J-variable rate
Match the term to its definition or description.
1-G
2-D
3-H
4-F
5-A
6-I
7-B
8-E
9-C
10-J
