Cards & Payments Concepts Quiz

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

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

 
 
 
 

2. Which of the following methods for calculating interest on an outstanding balance usually produces the lowest overall interest payment for a stated contract rate?

 
 
 
 

3. A revolving Credit account is…

 
 
 
 

4. An Affinity card (Check all that Apply)

 
 
 
 

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

 
 
 
 

6. You can increase Your Credit score if you

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

10. A significant drawback associated with using a Credit Card is

 
 
 
 

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

 
 
 
 

12. Which of the following is NOT a factor in Your Credit score?

 
 
 
 

13. What is a secured Credit Card?

 
 
 
 

14. How many digits are embossed on the front of standard EMV Credit/Debit Card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

19. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

21. How is interest calculated on a credit card?

 
 
 
 

22. Using the simple interest method calculation, interest is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

26. A poor Credit score could affect

 
 
 
 

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

 
 
 
 

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

 
 
 
 

29. Credit blocking occurs when

 
 
 
 

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

 
 
 
 


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