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Understanding Credit Cards (Grades 11-12)

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Understanding Credit Cards

Instructions: Select the correct answer to each question.

1. 
The person who signs on a credit agreement in addition to the primary applicant.
  1. Payee
  2. Co-signer
  3. Owner
  4. Account Holder
2. 
The maximum amount of money a borrower can access in a credit account.
  1. Credit Limit
  2. Credit Rating
  3. Collateral
  4. Cash Advance
3. 
A report of a person's payment activity over time.
  1. Credit History
  2. Credit Report
  3. Credit Rating
  4. Credit Ruling
4. 
On your credit report, the most important thing to look at is:
  1. the score.
  2. the negative listings.
  3. how many accounts you have.
  4. both a and b.
5. 
Credit card companies make money by:
  1. through distribution of goods.
  2. charging a fee every when the card is used
  3. charging interest on purchases.
  4. bank loans.
6. 
The maximum allowable APR (Average Percentage Rate) on a credit card is:
  1. 7.5%
  2. 15.24%
  3. 25.67%
  4. 29.99%
7. 
Who is responsible for the debt of a credit card that was co-signed?
  1. The cardholder.
  2. The co-signer.
  3. The bank.
  4. Both co-signer and cardholder.
8. 
If the balance of the credit card is paid in full by the due date every month:
  1. interest fees can be avoided.
  2. the card issues a bonus.
  3. interest rates are lowered.
  4. your credit score will stay the same.
9. 
A secured credit card:
  1. has lower APR.
  2. helps credit rating.
  3. requires a cash deposit.
  4. will not require fees.
10. 
Credit scores usually fall between:
  1. 300-450
  2. 450-600
  3. 600-750
  4. 750-900
11. 
Which of the following does NOT impact your credit score?
  1. Debt, credit checks
  2. race, religion, gender
  3. late payment history
  4. type and number of accounts
12. 
The credit card bill takes longer to pay off due to interest rates if you:
  1. pay half your bill each month.
  2. stop using the card.
  3. only make the minimum monthly payment.
  4. pay the balance.
13. 
When you first get a credit card, your credit score will automatically be:
  1. High
  2. Mid-Range
  3. Low
  4. a Zero.
14. 
It is legal for a potential employer to use your credit score to make a hiring decision under the
  1. The First Amendment
  2. Fair Credit Reporting Act
  3. FICA
  4. U.S.Credit Bureau
15. 
Exceeding your credit limit usually results in:
  1. a higher credit score.
  2. fees and charges.
  3. a higher credit limit.
  4. a brand new card.
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