WorksheetsCredit Cards - Takehome Quizizz
Total questions: 54
Worksheet time: 27mins
Name
Class
Date
1.
If you are late making a payment on your credit card, which of these things will NOT happen:
a)
It will lower your credit score
b)
It will stay on your credit history for seven years
c)
Your interest rate will increase to the default rate
d)
You will qualify for debt relief
2.
True or False. The APR is the maximum balance due that you can have on your credit card.
a)
True
b)
False
3.
True or False. The smallest amount you are allowed to pay each month on a credit card is called the credit limit.
a)
True
b)
False
4.
True or False. If you only pay the minimum payment, you will be paying for a very very long time.
a)
True
b)
False
5.
True or False. If you only pay the minimum balance, you will end up paying a whole big bunch of interest.
a)
True
b)
False
6.
Which of these are reasons why your balance won't go down much if you only pay the minimum payment on your credit card bill:
a)
Most of your payment goes toward interest
b)
The minimum payment goes down as the balance goes down
c)
Both of these
d)
Neither of these
7.
If you are at your credit limit, and you pay the minimum balance on time every month, which of these FICO factors will you hurt:
a)
Payment history
b)
Debt-to-credit ratio
c)
Length of credit history
d)
Types of credit
e)
Credit inquiries
8.
If you are at your credit limit, and you fail to make the minimum balance on time every month, which TWO of these FICO factors will you hurt:
a)
Payment history
b)
Debt-to-credit ratio
c)
Length of credit history
d)
Types of credit
e)
Credit inquiries
9.
If you cancel one of your credit cards because you don't use it any more, which two of these FICO factors will you hurt:
a)
Payment history
b)
Debt-to-credit ratio
c)
Length of credit history
d)
Types of credit
e)
Credit inquiries
10.
True or False. If you pay the full balance each month, you will end up paying zero interest.
a)
True
b)
False
11.
Which THREE of these are benefits of using a credit card, instead of a debit card:
a)
You won't lose much if someone hacks your number or uses your card to buy stuff
b)
If you pay on time, you build your credit history
c)
You can earn bonus points
d)
You are less likely to spend more than you can afford
e)
You won't owe any interest
12.
Which THREE of these are benefits of using a debit card, instead of a credit card:
a)
You are less likely to spend more than you can afford
b)
You won't owe any interest
c)
You aren't borrowing money
d)
You won't lose much if someone hacks your number or uses your card to buy stuff
e)
If you pay on time, you build your credit history
13.
Which of these will cost you money if you use a credit card for online purchases:
a)
The seller doesn't ship the goods
b)
The goods arrive broken
c)
The seller is a fictituous site
d)
None of these
e)
All of these
14.
Which of these are an advantage of using a debit card instead of a credit card
a)
You aren't borrowing money
b)
You are building your credit score
c)
They are safer against fraud
d)
They are safer against lost cards
15.
According to studies, which TWO of these are true:
a)
Using a credit card activates the pain centers in your brain
b)
Spending cash activates the pain centers in your brain
c)
Using a debit card activates the pain centers in your brain, but not as much as spending cash
d)
Starting school at 7:00 AM activates the pain centers in your brain
16.
Which of these general statements about millionaires is NOT true:
a)
None of them use credit cards
b)
They don't "carry" credit card debt
c)
They don't have car loans
d)
They don't "carry" any consumer debt.
17.
Using your credit card for a trip when you DON''T have the cash to pay for the trip is an example of _____ your cash spending.
a)
Supplementing
b)
Replacing
c)
Neither of these
18.
Using your credit card for a trip when you DO have the cash to pay for the trip is an example of _____ your cash spending.
a)
Supplementing
b)
Replacing
c)
Neither of these
19.
Using your credit card for a trip when you DO have the cash to pay for the trip, and then paying the credit card bill in full will do all of these EXCEPT:
a)
Be good for your payment history
b)
Be good for your debt-to-equity ratio
c)
Decrease your net worth
d)
Increase your net worth
20.
Is 20% a realistic interest rate for credit cards?
a)
Yes
b)
No
c)
I don't know
21.
Which of these statements is true, if you have cash to pay for your trip, but use your credit card on the trip and then pay the full balance when you get your credit card bill:
a)
All of these
b)
You won't pay any interest
c)
Your credit card is safer to carry on your trip than cash would be
d)
You improved your credit score
e)
You decreased your net worth
22.
Which of these are reasons why credit card companies love college students, according to the article:
a)
Parents will bail out the student if they can't pay the credit card bill
b)
Students have a long credit life ahead of them
c)
Both of these
d)
Neither of these
23.
Which of these is the reason why credit card companies now require a cosigner before giving a credit card to most students who are under 21:
a)
A federal statute requires it
b)
The constitution requires it
c)
The colleges require it
d)
The credit card companies are worried about the students' financial future
24.
Federal law prohibits credit card companies from giving away free _____ stuff _____ campus.
a)
Tangible ; On
b)
Tangible ; Off
c)
Intangible ; On
d)
Intangible ; Off
25.
True or False. Authorized users are responsible for making payments, just like the primary cardholder is.
a)
True
b)
False
26.
True or False. Credit card companies usually need to check an authorized user’s credit report when they’re added to an account.
a)
True
b)
False
27.
True or False. If you have no credit score already, you should have a credit score within six months of being added as an authorized user.
a)
True
b)
False
28.
If the primary cardholder makes payments on time, it will increase the credit score of:
a)
The primary cardholder
b)
An authorized user on the card
c)
Both of these
d)
Neither of these
29.
If the primary cardholder doesn't make payments on time, it will decrease the credit score of:
a)
The primary cardholder
b)
An authorized user on the card
c)
Both of these
d)
Neither of these
30.
Who is legally liable to make payments on a credit card:
a)
The primary cardholder
b)
An authorized user on the card
c)
Both of these
d)
Neither of these
31.
If Stephanie earns $50,000 a year, which of these rules did she violate with her credit card:
a)
0
b)
10
c)
20
d)
30
e)
100
32.
1. Month ONE. Type a NUMBERED list of 1) how much they will pay the FIRST month, 2) how much of the FIRST payment will go toward interest, 3) how much of the FIRST payment will go toward reducing principal, and 4) what their new balance will be after making that FIRST payment. SHOW YOUR WORK !
4 lines
33.
2. Month TWO. Type a NUMBERED list of 1) how much they will pay the SECOND month, 2) how much of the SECOND payment will go toward interest, 3) how much of the SECOND payment will go toward reducing principal, and 4) what their new balance will be after making that SECOND payment. SHOW YOUR WORK !
4 lines
34.
3. Month THREE. Type a NUMBERED list of 1) how much they will pay the THIRD month, 2) how much of the THIRD payment will go toward interest, 3) how much of the THIRD payment will go toward reducing principal, and 4) what their new balance will be after making that THIRD payment. SHOW YOUR WORK !
4 lines
35.
4. Assuming that Stephanie's only debt is the credit card, putting the $10,000 on their credit card would violate the 20 % rule unless their annual net income was at least $ (a) .
36.
5. Assuming that Stephanie's only debt is the credit card, having a $400 per month debt payment would violate the 10 % rule unless their annual net income was at least $ (a) .
37.
True or False. Credit card companies loan you money, so you can buy stuff now and pay for it later.
a)
True
b)
False
38.
True or False. Credit card companies loan you money, so then can make money off the interest that you pay if you don't pay the full balance each month.
a)
True
b)
False
39.
Which of these statements about using credit cards is NOT true:
a)
You will get a monthly bill that lists the purchases that you made that month with your credit card.
b)
When you get the bill, you can pay all of it or part of it.
c)
Credit card companies want you to pay all of the bill, because that is how they make their money.
d)
Credit card companies want you to pay just part of the bill, because that is how they make their money.
40.
Which of these statements about what happens if you max out your credit card, and then pay your credit card bill in full is NOT true:
a)
Your credit limit gets "reset" - so you can spend your credit limit again.
b)
You won't pay any interest.
c)
You will only pay the price of what you bought, without any "extra" charges.
d)
Your credit score will go down because you hurt your payment history.
41.
Which of these statements about what happens if you only pay the minimum balance on your credit card is NOT true:
a)
You hurt your credit score because you hurt your payment history.
b)
You still have an outstanding balance.
c)
You pay interest on your outstanding balance.
d)
Your new spending limit is your credit limit minus your outstanding balance.
42.
If you don't pay the full balance when you get your credit card bill, the next month you will owe all of these EXCEPT:
a)
Last month's outstanding balance
b)
The price of any new purchases that you make during next month
c)
Interest on last month's outstanding balance
d)
Interest on the new purchases you made during this month
43.
Which of these statements about minimum payments is NOT true:
a)
They are slightly lower than the interest expense for the month
b)
They are slightly higher than the interest expense for the month
c)
They are how credit card companies make their money
d)
If you don't make at least the minimum payment, you will hurt your payment history
e)
If you only make the minimum payment, you will pay a lot of interest for a long time
44.
Studies show that which of these are true:
a)
Most people spend more when you pay when cash
b)
Most people spend less when you pay with cash
c)
Most people spend less when you pay with a credit card
d)
Most people spend more when you pay with a credit card
e)
Most people spend the same whether you use cash or a credit card.
45.
According to one study, which of these activate the pain centers in your brain?
a)
Using your credit card to buy stuff
b)
Using cash to buy stuff
c)
Buying a winning lottery ticket
d)
Devin's winning streak at Quizizz
46.
True or False. Debit card charges go directly to your checking account, so unexpected transactions can drain your account.
a)
True
b)
False
47.
True or False. Credit card charges go directly to your checking account, so unexpected transactions can drain your account.
a)
True
b)
False
48.
The risk of losing money if your debit card is stolen is ____ the risk of losing money if your credit card is stolen.
a)
greater than
b)
less than
c)
the same as
49.
True or False. Credit cards are safer than debit cards, so they’re probably a better choice for everyday spending.
a)
True
b)
False
50.
People who aren't maxed out on their credit cards are _____ for financial disruptions.
a)
more prepared
b)
less prepared
51.
Transactional users of credit cards were _____ to have a three-month rainy day savings fund and to express confidence that their application for a credit card would be approved.
a)
more likely
b)
less likely
52.
Your annual income ______ factor used to determine your credit score.
a)
is the most important
b)
is the second most important
c)
is not a
53.
True or False. Credit discrimination based on credit scores is illegal.
a)
True
b)
False
54.
True or False. Credit discrimination based on race is illegal.
a)
True
b)
False
100 %
