Credit Test

18 Questions | Total Attempts: 502

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Credit Test

This quiz has different types of questions about credit card facts.


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Questions and Answers
  • 1. 
    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?
    • 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?
    • 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. 

      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?
    • 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