Personal Finance Credit Card Pre Test

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Jrs8631
J
Jrs8631
Community Contributor
Quizzes Created: 1 | Total Attempts: 216
| Attempts: 216
SettingsSettings
Please wait...
  • 1/5 Questions

    A credit card company can never raise its rates in the middle of the year.

    • True
    • False
Please wait...
About This Quiz

The 'Personal Finance Credit Card Pre Test' evaluates knowledge on credit card usage, impacts on credit scores, and safe practices. It aims to enhance financial literacy by addressing misconceptions and promoting responsible credit management.

Credit Management Quizzes & Trivia

Quiz Preview

  • 2. 

    Everyone should have at least ______________ credit cards

    Explanation
    The question asks how many credit cards everyone should have. The answer options include one, two, five, and none. This suggests that there is no specific number of credit cards that everyone should have, and it can vary depending on individual circumstances and preferences. Some people may prefer to have multiple credit cards for different purposes or to maximize rewards, while others may prefer not to have any credit cards at all.

    Rate this question:

  • 3. 

    Using your credit card online is safer than using a debit card,

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Using a credit card online is safer than using a debit card because credit cards offer better fraud protection. In case of unauthorized transactions, credit card companies usually have zero liability policies, meaning the cardholder is not responsible for any fraudulent charges. On the other hand, debit cards may have limited liability policies, and if unauthorized transactions occur, the cardholder may be liable for a certain amount of money. Furthermore, credit cards also provide an additional layer of security through virtual card numbers or two-factor authentication, making them a more secure option for online transactions.

    Rate this question:

  • 4. 

    Opening a credit card to receive a promtional item is foolish

    • It is always foolish to open a credit card for any reason

    • It is never foolish to open a credit credit card

    • It may depend on the situation

    Explanation
    Opening a credit card to receive a promotional item is considered foolish because it implies making a financial decision based on short-term gratification rather than considering the long-term consequences. Opening a credit card solely for a promotional item may lead to accumulating unnecessary debt and potentially damaging one's credit score. It is generally advisable to carefully evaluate the terms and benefits of a credit card before applying, rather than being swayed by temporary incentives.

    Rate this question:

  • 5. 

    Do credit cards have a postive, negative, or both positive and negative impact on credit scores? Defend your answer,

Quiz Review Timeline (Updated): Mar 22, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Aug 24, 2010
    Quiz Created by
    Jrs8631
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.