Cards & Payments Concepts Quiz

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

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

5. Adding someone to Your Credit Card account as an authorized user in an effort to raise their Credit score is …

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

11. You can increase Your Credit score if you

 
 
 
 

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

 
 
 
 

13. An Affinity card (Check all that Apply)

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

17. Using the simple interest method calculation, interest is

 
 
 
 

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

 
 
 
 

19. Which of the following statements about an individuals credit record, is/are False

 
 
 
 

20. How is interest calculated on a credit card?

 
 
 
 

21. A poor Credit score could affect

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

26. Credit blocking occurs when

 
 
 
 

27. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

29. What is a secured Credit Card?

 
 
 
 

30. A revolving Credit account is…

 
 
 
 


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