Cards & Payments Concepts Quiz

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

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

 
 
 
 

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

 
 
 
 

3. Using the simple interest method calculation, interest is

 
 
 
 

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

 
 
 
 

5. What is a secured Credit Card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

10. Credit blocking occurs when

 
 
 
 

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

 
 
 
 

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

 
 
 
 

13. A revolving Credit account is…

 
 
 
 

14. A poor Credit score could affect

 
 
 
 

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

 
 
 
 

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

 
 
 
 

17. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

19. How is interest calculated on a credit card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

24. You can increase Your Credit score if you

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 


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