Money Quiz

Credit Cards Quiz

Question 1: Which of the following is likely to raise your APR automatically?
You went over your credit limit on another card.
You failed to make a payement to another creditor.
You applied for and received a loan.
All of the above.

Question 2: How many credit cards does the average American family have?
7
8
9
11

Question 3: What is a cash-back card?
A card that pays the card holder a percentage of the purchases he makes.
A card that pays the card holder $1 for each purchases he makes.
A card that pays the card holder cash if the balance is paid early.
None of the above.

Question 4: Debit cards:
provide the same protection on purchases as credit cards
do not provide credit to the holder
increase your balance to limit ratio
none of the above

Question 5: The purpose of a consolidation loan is to:
decrease the balance owed
pay off one credit card amount before others are paid
combine several debts into one payment
reduce the amount owed for federal income taxes

Question 6: What is the typical grace period you have to pay off a cash advance before interest begins being charged?
You begin being charged for interest immediately.
Usually 10 days, it depends on the credit card.
Usually 1 month, it depends on the credit card.
Usually 2 months, it depends on the credit card.

Question 7: If you owe $1,000 on card A at 10% and $10,000 on card B at 15% and have $1,000 to pay off some of your debt, what is the best choice:
pay off card A
decrease your card B balance
pay $500 to card A and $500 to card B
pay $300 to card A and $700 to card B

Press the Submit button to see the results.

External Credit Cards Resources

Student Credit Card Use Could Cause Problems Later from U.S. News
Credit Cards Literacy from the University of Connecticut