Credit Test
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This quiz has different types of questions about credit card facts.
- 1.
![What is credit limit?]( "What is credit limit?")
What is credit limit?- A.
How long you can keep the credit card
- B.
How much you can charge on your card
- C.
How often you can use your credit card
- D.
All of the above
- E.
None of the above
- 2.Credit limit is based on:
- A.
How old you are
- B.
What kind of job you have
- C.
How big your family is
- D.
How long is your last name
- E.
Your ability to handle debt
- 3.
![What is the grace period on credit cards?]( "What is the grace period on credit cards?")
What is the grace period on credit cards?- A.
A period of time in which you can spend as much as you want without paying back
- B.
A period of time when you have to be gracefull
- C.
A period of time in which, If you pay your bill in full, you won’t have to pay a finance charge on purchases for that bill
- D.
A period of time in which you cannot use your credit card to make purchases
- E.
None of the above
- 4.
![In what situation you will have to pay a late fee for your credit card payment?]( "In what situation you will have to pay a late fee for your credit card payment?")
In what situation you will have to pay a late fee for your credit card payment?- A.
When you are late for work for more than five times
- B.
When you are late from school for more than five times
- C.
When you are purchasing items late at night
- D.
When you are late with your credit card payment - after the due date
- E.
None of the above
- 5.Credit card interest rates can be 18% or as high as 24% depending on ...
- A.
Your address
- B.
Your monthly income
- C.
Your last name
- D.
Your credit history
- E.
All of the above
- 6.:Secured" credit cards are offered to people who...
- A.
Work for a security agency
- B.
Work in a secure job
- C.
Work to secure an area
- D.
With a poor credit history or no credit history at all
- E.
With many children
- 7.
![A card is “secured” with a cash balance, like...]( "A card is “secured” with a cash balance, like...")
A card is “secured” with a cash balance, like...- A.
A piggy bank
- B.
An allowance
- C.
A savings acount
- D.
Money from chores
- E.
All of the above
- 8.If you lose your credit card or it is stolen, you should...
- A.
Go look for it
- B.
Call 911
- C.
Notify the Police
- D.
Notify your credit company or bank
- E.
None of the above
- 9.
![What is a credit report?]( "What is a credit report?")
What is a credit report?- A.
A record of your borrowing and paying habits
- B.
A police report about your credit
- C.
An IRS report about your taxes
- D.
An IRS report about your credit
- E.
All of the above
- 10.How can you build a solid credit report?
- A.
By working in building constructions
- B.
By getting and using a credit card wisely
- C.
By having a bank account
- D.
By saving money
- E.
By not using your credit card for paying bills
- 11.Credit reporting agencies use your credit report to assign you a credit score. This score determines ...
- A.
What bank will give you credit
- B.
When you will have to repay the loan
- C.
How much you payed for all your old loans
- D.
The interest rate you will pay on any future loans.
- E.
All of the above
- 12.Late fees can be as high as...
- A.
$5
- B.
$10
- C.
$25
- D.
$35
- E.
$50
- 13.A credit report contains all your personal ___________________, previous _____________, social security number, current and previous _________________, and estimated ____________. It contains detailed information about each credit card ____________________ you own: the type of account, the balance you owe, and your _________________________ history
- 14.Paying only the minimum payment on your credit cards. This is one of the most common mistakes people make when managing their credit cards. Explain why this is a mistake.
- 15.Write two advantages and two disadvantages of having a credit card.
- 16.When you use your credit card, you are borrowing money.
- A.
True
- B.
False
- 17.These days, thieves can steal your credit card number — they don’t need the actual card.
- A.
True
- B.
False
- 18.Current or potential employers might draw conclusions about you based on your "employment report."
- A.
True
- B.
False
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