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