Payment Types
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | 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.
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| Which of the following statements comparing comparing debit cards to credit cards is TRUE? | show | A. Debit cards allow you to draw directly from your checking account.
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| show | 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.
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| show | A. Credit cards. B. Cashier's check. C Pre-paid cards. D. Payday loans. | D. Payday loans
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| Which of the following tells your how much your credit card interest will be if you only pay the minimum balance each month? | show | D. Annual Percentage Rate.
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| Which payment type can help you stick to a budget? | A. Credit cards. B. Debit cards. C. Payday loans. D. Cash advances. | show 🗑
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| show | 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.
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| If you are planning to carry a large balance on your credit card, which of the following credt card features should you look for? | show | A. Low APR.
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| 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. | show 🗑
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| 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. | show 🗑
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| What is the amount of money you still owe to the credit card company called? | show | B. Credit card balance
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| show | 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.
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| show | 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.
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| Which of the following can increase your credit card's APR? | show | B. Missing a credit card payment.
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| show | A. Annual Percentage Rate. B. Balance Transfer. C. Credit Limit. D. Annual Fee | C. Credit Limit
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| show | 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.
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| show | 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
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| 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. | show 🗑
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| Which payment type is best if you are trying to stick to a budget? | show | B. Debit Card
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| 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 | show 🗑
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SusieQ60
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