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Take Charge of Credit Cards Flashcards | StudBud

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Take Charge of Credit Cards

10 terms·StudBud Administration·220 plays

A #financial literacy Quiz that reinforces good #credit card habits.

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Questions 10

Answers

1
Fee charged when a cardholder does not make the minimum monthly payment by the due date.
Late Payment Fee
Over-the-limit fee
2
The interest rate charged on a credit card account each month.
Credit Limit
Annual Penny Rate (APR)
Annual Percentage Rate (APR)
Minimum payment
3
What is the difference between a credit card and a debit card?
All of the above.
Item charged to a debit card are paid for immediately.
A debit card is electronically connected to a bank account.
A credit card is used to purchase items now and pay later.
4
The price of money.
Chores
Sacrifice
Interest
Hard work
5
How can a person avoid paying interest on a credit card?
Pay your credit card bill on time.
Pay your bill late.
By paying the credit card bill in full each month.
Pretend you never used your credit card.
6
When goods, services, or money is received in exchange for a promise to pay at a future date.
Credit
Credit Limit
7
Valid safety tip that should be followed when using a credit card.
All of the above.
Report lost or stolen credit cards immediately.
Keep a list of credit card #s & credit card company phone #s
Sign the back of the card with your name and "See I".
8
Why is it important to examine a credit card statement?
To check for incorrect or false charges.
All of the above.
To monitor the APR and fees charged to the account.
To make sure payments are made on time.
9
What does it mean to be a co-signer on a credit account?
Co-signers only have to pay 1/2 of the bill.
Co-signers are equally responsible for the credit card bill.
10
The maximum dollar amount that can be charged on a credit card.
$200,000
As much as you like.
There is no limit.
Credit limit set by credit card company