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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

7. Which statement best describes a Cash Advance

 
 
 
 

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

 
 
 
 

9. A revolving Credit account is…

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

16. Credit blocking occurs when

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

20. Using the simple interest method calculation, interest is

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

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

 
 
 
 

26. How is interest calculated on a credit card?

 
 
 
 

27. You can increase Your Credit score if you

 
 
 
 

28. What is a secured Credit Card?

 
 
 
 

29. An Affinity card (Check all that Apply)

 
 
 
 

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

 
 
 
 


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