Cards & Payments Concepts Quiz

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

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

6. A poor Credit score could affect

 
 
 
 

7. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

9. You can increase Your Credit score if you

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

14. A revolving Credit account is…

 
 
 
 

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

 
 
 
 

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

 
 
 
 

17. What is a secured Credit Card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

20. Using the simple interest method calculation, interest is

 
 
 
 

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

 
 
 
 

22. How is interest calculated on a credit card?

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

26. Credit blocking occurs when

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 


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