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