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Personal Finance 15
Payment Types
| Question | Choices | Answer |
|---|---|---|
| Which of the following is true? | A. Check and Debit cards both withdraw money directly from a bank account. B. Check are the most widely accepted form of payment. C. Debit cards offer the highest level of fraud protection | A. Checks and debit cards both withdraw from a bank account. |
| Which of the following statements comparing comparing debit cards to credit cards is TRUE? | A. Debit cards allow you to draw funds directly from your checking account. B. Debit cards charge higher interest rates on purchases than credit cards. | A. Debit cards allow you to draw directly from your checking account. |
| Which of the following is NOT true of credit cards? | A. They offer the highest level of fraud protection. B. They are the best payment type to use when trying to stick to a budget. C. Some offer rewards, like cash back or airline miles. | B. They are the best payment type to use when trying to stick to a budget. |
| Which payment method typically charges the highest interest rates? | A. Credit cards. B. Cashier's check. C Pre-paid cards. D. Payday loans. | D. Payday loans |
| Which of the following tells your how much your credit card interest will be if you only pay the minimum balance each month? | A. Late Fee. B. Annual Membership Fee. C. Balance Transfer Fee. D. Annual Percentage Rate. | D. Annual Percentage Rate. |
| Which payment type can help you stick to a budget? | A. Credit cards. B. Debit cards. C. Payday loans. D. Cash advances. | B. Debit cards. |
| Which of the following will happen if you miss a monthly credit card payment? | A. You will be charged a late fee. B. You lose reward points. C. Your APR will increase the next month. D. Both A & B | A. You will be charged a late fee. |
| If you are planning to carry a large balance on your credit card, which of the following credt card features should you look for? | A. Low APR. B. Low balance transfer fee. C. Lots of credit card rewards. D. A large credit limit. | A. Low APR. |
| What is a credit limit? | A. The required payment to you credit card company. B. The amount of interest you are charged each month. C. The maximum amount you can charge each billing cycle. | C. The maximum amount you can charge each billing cycle. |
| The annual percentage rate on a credit card determines __________. | A. The amount of interest you are charged on credit card purchases. B. The amount your credit limit can go up within a year. C. How many credit cards you can own. | A. The amount of interest you are charged on credit card purchases. |
| What is the amount of money you still owe to the credit card company called? | A. Credit card interest. B. Credit card balance. C. Credit card limit. D. Credit card fee | B. Credit card balance |
| Making a credit card minimum balance: | A. Means you are paying a small portion of your total credit card debt. B. Is the same thing as making a late credit card payment. C. Will case your credit card to be cancelled | A. Means you are paying a small portion of your credit card debt. |
| Which of the following is true of both paying with a check and paying with a debit card? | A. Both are accepted by most people and most businesses. B. When used, both take money directly out of a bank account. C. Both work like a loan from your bank that your pay back | B. When used, both take money directly out of a bank account. |
| Which of the following can increase your credit card's APR? | A. Paying the minimum. B. Missing a credit card payment. C. Paying off the full balance. D. Cashing in on reward points. | B. Missing a credit card payment. |
| The amount of money you can charge to a credit card is called: | A. Annual Percentage Rate. B. Balance Transfer. C. Credit Limit. D. Annual Fee | C. Credit Limit |
| What is a credit card balance? | A. The amount of interest you must pay the credit card company. B. The required minimum payment to your credit card company. C. The amount of money you still owe to the credit card company. | C. The amount of money you still owe to the credit card company. |
| Which of the following are true if you pay only the minimym amount each month towards your credit card bill? | A. You will be charged interest on your remaining balance. B. Your Annual Percentage Rate will increase. C. You my be in debt for a long time. D. Both A & | D. Both A & B |
| Which of the following is NOT a common credit card fee? | A. Late fee. B. Annual membership fee. C. Balance transfer fee. D. Minimum payment fee. | D. Minimum payment fee. |
| Which payment type is best if you are trying to stick to a budget? | A. Credit card. B. Debit Card. C. Cash Advance. D. Payday Loan | B. Debit Card |
| Which of the following payment types require you to pay upfront? | A. Money order. B. Cashier's check. C. Pre-paid card. D. All of the above | D. All of the above |
Created by:
SusieQ60
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