Cards & Payments Concepts Quiz

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

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

 
 
 
 

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

 
 
 
 

3. How is interest calculated on a credit card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

8. A poor Credit score could affect

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

16. Using the simple interest method calculation, interest is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

23. An Affinity card (Check all that Apply)

 
 
 
 

24. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

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

 
 
 
 

27. Credit blocking occurs when

 
 
 
 

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

 
 
 
 

29. A revolving Credit account is…

 
 
 
 

30. What is a secured Credit Card?

 
 
 
 


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