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Credit Cards
Credit Cards
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Introducing the concept of #credit cards in #financial literacy.
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
What is an APR?
Animal Protective Rights
Apple Pudding Right?
Annual Percentage Rate
Annual Percentage Rations
2
What was the name of the first credit card?
Diners Club
Discover
Mastercard
Visa
3
What is buying on credit?
Saving money
Making a purchase now and promising to repay later
Making a purchase now and not promising to repay later
You get money back from buying on credit
4
Which one of these is not required to open a credit account ?
Proof of employment
Signature from an adult (if under 18)
Social Security Number
Savings account
5
Credit reports contain which of the following items?
Name of lender and account number
Payment history
Credit limit
All of the above
6
What is a disadvantage to using a credit card?
Convenience
Credit Score
Overspending
Record Keeping
7
True or False: Credit card interest is a good thing.
True
False
8
What is the best way to avoid paying interest on your credit card?
Pay the bill in full
Don't pay the bill
Pay only the minimum payment required at that time
9
What type of numerical credit is used to quickly understand how risky a borrower you are?
Credit bureau
Credit score
Credit information
Credit Report
10
Falling into serious credit card debt __________________.
Only happens to those that lose their jobs
Can easily occur and happens to millions of Americans
Rarely happens to people
Only happens in movies
11
If you notify your credit card company of any theft, how much damage are you liable for?
$150
$200
$100
$50
12
One way to avoid staying out of credit card debt is ____________________.
All of the above
Limit the number of credit cards you have to one
Keep track of your balance
Don't buy anything you can't afford
13
What happens if you don't pay off your credit card debt?
Interest is charged on the money not paid back
Your account automatically closes
The police come after you
The bank gives you more money
14
When you use a credit card, where does the money come from?
The government
Your wallet
Your bank account
It is borrowed
15
Which one of these is NOT a type of interest
Simple
Compound
Credit Card Interest
Progressive
16
What is a benefit of a good credit score?
You get a lower interest rate
All of the above
You are not considered a risk
You can be approved for loans
17
Where does a debit card get its money from?
Your bank account (Savings or Checking)
You father
Your wallet
It is borrowed
18
When is it OK to borrow money?
To buy a new car
To buy a new TV
When you can pay it back
All of the above
19
What is a schumer box?
It's actually a triangle
An unclear outline of the costs of a credit card in the U.S.
Discloses info about rates, fees, terms & conditions of a CC
Tells you what size shoe you wear
20
What is an advantage of using a credit card?
Convenience
Overspending
Paperwork
Interest Rates
21
A line of credit is ___________________.
How many credit cards you have
A set amount of money that you are allowed to borrow
All of the above
The money you have in your bank account
22
A credit card represents _______________________.
All of the above
Free money
Is the same things as a debit card
A line of credit
23
What is a borrower?
Someone who is requesting a loan and will pay it back
Someone who lends the money
Someone who is requesting a loan and will NOT pay it back
No clue
24
When shopping around to obtain a credit card, it is important to make sure it has_____________.
A high interest rate
Fancy perks and reward programs
A low interest rate and low fees
A high popularity rating
