Cards & Payments Concepts Quiz

Test your knowledge of Cards & Credit basics with these 30 questions

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1. Which of the following are NOT taken into account when calculating your Credit score?

 
 
 
 

2. Given a lost or stolen card, potential losses with a Debit card are usually

 
 
 
 

3. What is the best way to improve Your Credit score?

 
 
 
 

4. How is interest calculated on a credit card?

 
 
 
 

5. What term best describes a Credit Card? Choose the answer that best fits

 
 
 
 

6. Which statement best describes a Cash Advance

 
 
 
 

7. When a Credit line is reduced by an anticipated purchase this is known as

 
 
 
 

8. You can increase Your Credit score if you

 
 
 
 

9. How many digits are embossed on the front of a standard Visa and Mastercard Credit/Debit Card?

 
 
 
 

10. True or false: If a Credit Card bill is paid in full, on time, every month, no interest will apply

 
 
 
 

11. An Affinity card (Check all that Apply)

 
 
 
 

12. On a variable rate Credit Card, the interest rate is calculated by

 
 
 
 

13. Who assumes primary liability for the consumer’s debt incurred by use of the card?

 
 
 
 

14. Credit blocking occurs when

 
 
 
 

15. What do we mean by the term Zombie debt?

 
 
 
 

16. What is a secured Credit Card?

 
 
 
 

17. ONE significant drawback associated with using a Credit Card is

 
 
 
 

18. What advice should you give a customer when asked how much they should pay on their Credit Card?

 
 
 
 

19. You can stretch out the repayments on a student loan, if you arrange

 
 
 
 

20. Failure to pay a Credit Card on time can cause which of the following to happen? (Check all that Apply)

 
 
 
 

21. Which impact is the most likely outcome when cancelling a credit card?

 
 
 
 

22. Can a Credit Card issuer change your interest rate at any time for any reason?

 
 
 
 

23. Using the simple interest method calculation, interest is

 
 
 
 

24. One difference between a Debit card and a Credit Card is that

 
 
 
 

25. A credit scoring model is (choose the best answer that applies)

 
 
 
 

26. When referring to Credit Card Interest, what do the letters APR stand for?

 
 
 
 

27. A revolving Credit account is…

 
 
 
 

28. Which method for calculating interest on an outstanding balance usually produces the lowest overall interest payment for a stated contract rate?

 
 
 
 

29. A poor Credit score could affect

 
 
 
 

30. What role do Card Schemes (like Visa or MasterCard) play in Credit Card purchases?

 
 
 
 


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