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- 1. Multiple ChoiceThe least amount that must be paid on a credit card each month isLate FeeCredit LimitPayment amountMinimum Payment
- 2. Multiple ChoiceHow can a cardholder avoid paying interest on a credit card?Do not pay anythingPay the minimum payment after its due datePay the minimum balance every monthPay the balance in full every month
- 3. Multiple ChoiceThe credit company can charge interest if the credit card bill is not paid in full by the due dateTrueFalse
- 4. Multiple ChoiceIt is best to pay more than the minimum due on your credit card.TrueFalse
- 5. Multiple ChoiceIt would be best to have a high credit scoreTrueFalse
- 6. Multiple ChoiceOnly making the minimum payment on a credit card every month will:lower the amount total paid for the purchasemake you independently wealthytake longer to pay off which will result in paying more interest, more money!pay off the credit card faster
- 7. Multiple ChoiceYou have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?American ExpressChase SapphireNeitherAll of the above
- 8. Multiple ChoiceYou 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 firstChase SapphireAmerican ExpressInterest rate does not affect your minimum paymentsAll of the above
- 9. Multiple ChoiceYou 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?Chase SapphireAmerican ExpressYou pay the same amount of interest for bothAll of the above
- 10. Multiple ChoiceWhich of the following is an ADVANTAGE of credit?No need for carrying cashAnnual FeesInterest Rates
- 11. Multiple ChoiceWhat type of credit is a credit card?Single-PaymentInstallment CreditRevolving Credit
- 12. Multiple ChoiceBenefits of credit cards include:safe and convenient, bonuses are offeredallows you to build a positive credit reportneeded for reservations and online shoppingall of these
- 13. Multiple ChoiceThe maximum amount you may borrow on a credit card is known as:creditworthinesscredit reportcredit limitvariable rate of credit
- 14. Multiple ChoiceWhat is an annual fee?The act of transferring moneyA fee charged by a card issuer for being a card holder.The days between the last statement and the current statement.A fee charged to a cardholder's account once a payment is late.
- 15. Multiple ChoiceExamples of penalty fees include:over-the-limit feelate payment feereturned payment feeall of these
- 16. Multiple ChoiceIt is wise to compare credit card offers before choosing oneTrueFalse
- 17. Multiple Choice
There’s no penalty if I pay my credit card balance after the due date.
True
False
- 18. Multiple Choice
What is a good practice when it comes to credit cards?
getting as many credit cards as possible
paying only the minimum
charging anything you want
paying the amount charged in full each month
- 19. Multiple ChoicePurchase is withdrawn directly from a checking or savings account.Debit cardCredit cardBoth
- 20. Multiple ChoiceEach purchase is a loan that is repaid laterDebit cardCredit cardBoth
- 21. Multiple ChoiceYou can purchase an item now and pay for it later.Debit cardCredit cardBoth
- 22. Multiple Choice
If the card is lost or stolen, report it immediately.Debit CardsCredit CardsBoth - 23. Multiple ChoiceYour mom goes to the ATM at the bank and withdraws $300 from her savings account with her card.Debit cardCredit Card
- 24. Multiple ChoiceYour 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.Debit cardCredit card
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