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CC #1
Test Description: FUHRMS - Financial Literacy
Instructions: Answer all questions to get your test result.
1) Payday lenders can charge up to how much interest?
A
75%
B
10%
C
900%
D
50%
2) Credit card minimum payments are usually around what percent of the total balance?
A
20-30%
B
80-100%
C
100-150%
D
2-3%
3) Which one of these is a charge that you would NOT see on a credit card bill?
A
Overdraft Fee
B
Annual Fee
C
Over-The-Limit Fee
D
Late Payment Fee
4) Which one of these is a charge that you would NOT see on a credit card bill?
A
Annual Fee
B
Over-The-Limit Fee
C
Returned Check Fee
D
Online Statement Fee
5) A cash advance is
A
When a store has a return policy
B
When you use your debit card to obtain a cash loan
C
When you use your credit card to obtain a cash loan
D
When you get a credit card promotional offer
6) The Annual Percentage Rate (APR) on a credit card determines
A
The rate of return on your stock investments
B
How many credit cards that you can own
C
The amount of interest you are charged on credit card purchases
D
The number of items that you can buy within one year
7) The maximum amount you can charge on a credit card is called the
A
credit ratio.
B
capacity.
C
collateral for the card.
D
credit limit.
8) What is the ability to make purchases with the promise that the monies will be repaid at a later date?
A
credit card
B
charge card
C
charge
D
credit
9) What is an outstanding balance?
A
The amount of finance charges on previous and current purchases
B
The amount of money you still need to repay on any debt you have
C
The amount of charges that have not yet appeared on your credit card statement
D
The maximum amount of cash advance fees that charged to a consumer
10) What is the average daily balance?
A
The average amount you owe on the credit card each day of the billing cycle
B
The average amount you owe on the credit card each month of the billing cycle
C
The average amount you charge on the credit card each day of the billing cycle
D
The average amount you pay on the credit card each day of the billing cycle
*select an answer for all questions
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