Cards & Payments Concepts Quiz

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

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

 
 
 
 

2. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

4. You can increase Your Credit score if you

 
 
 
 

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

 
 
 
 

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

 
 
 
 

7. How is interest calculated on a credit card?

 
 
 
 

8. A poor Credit score could affect

 
 
 
 

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

 
 
 
 

10. A revolving Credit account is…

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

15. An Affinity card (Check all that Apply)

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

22. What is a secured Credit Card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

25. Credit blocking occurs when

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 


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