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- 1. Multiple Choice
Credit is a postponement of payment facility provided by the supplier to the consumer.
TRUE
FALSE
- 2. Multiple Choice
Debt means the amount of money that can be borrowed.
TRUE
FALSE
- 3. Multiple Choice
Below are the reasons that personal budget is important, EXCEPT
Save
Plan spending prudently
Overspending
- 4. Multiple Choice
Below are methods of smart management of credit and debt, EXCEPT
Use auto debit payment method to pay bill
Pay only the minimum amount for the usage of credit card
Pay within the cash discount period
Pay the outstanding balance listed on the credit card statement
- 5. Multiple Choice
Many people are bankrupt due to credit cards
What are 2 ways to overcome this situation above?
Prepare budget
Spend excessively
Plan your expenses
Not use credit card at all
- 6. Multiple Choice
Choose 2 advantages of credit card.
Overspending without worry
Easy and efficient payment method
Does not require us to carry a lot of cash.
Incur charges such as finance charges
- 7. Multiple Choice
Who of the below is eligible for a credit card?
Chester, a PT3 candidate
Jeremy, a college student
Mrs Tan, a housewife
Sebastian, a business man
- 8. Multiple Choice
A credit card users must
remember the his/her pin
not record the pin number on the back of the card
not give credit card details to strangers
not check the transaction in the credit card statement
- 9. Multiple Choice
Fill in the blank
Financial statement include details such as credit limit, statement date, ____________________ and so on.
minimum payment
birth date
phone number of your parents
the name of beneficiary
- 10. Multiple Choice
Interest free period usually is ______ days from the statement date.
15
20
30
35
- 11. Multiple Choice
The minimum payment is usually ___% of the total balance of the credit card statement, or a minimum of RM____.
50, 5
15, 50
5, 50
15, 5
- 12. Multiple Choice
Finance charge will imposed on the balance based on daily rate. Most bank charge an annual interest rate between ___% and ___%
1, 5
15, 18
10, 15
5, 18
- 13. Multiple Choice
Late payment charge of RM____ or ___% of total outstanding balance will be charge if there is no payment made within the interest free period.
10, 1
1, 10
10, 5
5, 10
- 14. Multiple Choice
Ash Ketchum, the Pokémon trainer, used credit card to make a payment of RM1500 for a new poké ball in June and didn't use the credit card again after the purchase. Ash also didn't make any repayment since he is busy catching Pokémon. Bank Battle charge a finance charge of 18% per annum on the outstanding balance for 35 days and late payment charge of 1% of the outstanding balance or minimum of RM10. Calculate the finance charge and late payment charge that Ash had to pay.
Finance charge: RM26, Late payment RM 10
Finance charge: RM25.90, Late payment RM 15
Finance charge: RM25.89, Late payment RM 10
Finance charge: RM25.89, Late payment RM 15
- 15. Multiple Choice
Billie Eilish has spent RM2500 using a credit card with the late charge of 1% and interest on the balance of 15% per year. If Billie did not made any repayment within the period of without charge, what is the total payment that needs to be paid by Billie for the next month?
RM2532.25
RM2544.25
RM2556.25
RM2658.25
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