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Module 119- 120 Review Part 1
Test Description: Module 119- 120 Review Part 1
Instructions: Answer all questions to get your test result.
1) This is a common rate used by banks and credit card companies to set their interest rates on loans and credit cards.
A
Prime Rate
B
Penalty APR
C
Annual Fee
D
Overlimit fee
2) Regardless of whether or not you use your credit card, some credit card companies charge a(n)
A
overlimit fee
B
balance transfer fee
C
online payment fee
D
annual fee
3) One benefit to having a credit card is that you can
A
get a loan with a high APR
B
pay interest on cash advances
C
all of the above
D
establish a credit history
4) Your interest rate on your credit card may rise if you
A
make a late payment
B
make a transaction or purchase
C
make an online payment
D
fail to join a rewards program
5) If you are vacationing with your family in Germany and you purchase souvenirs with your credit card, you may be charged a __________ to convert the monetary units.
A
foreign transaction fee
B
deferred payment fee
C
return check fee
D
all of the above
6) You made a purchase this month and were charged interest on the purchase. To be charged interest on a purchase, you must carry a __________ on your card.
A
rewards program
B
all of the above
C
balance
D
prime rate
7) __________ is expressed as a yearly rate.
A
APR
B
a purchase
C
an overdraft fee
D
a cash advance
8) You may be charged a __________ if you continually do not make your payments on time.
A
foreign transaction fee
B
prime rate
C
penalty APR
D
all of the above
9) Some credit cards let you earn cash back or offer other kinds of
A
rewards programs
B
overdraft fees
C
cash advances
D
prime rates
10) To avoid paying interest on purchases, you should pay more than the
A
overlimit fee
B
deferred payment
C
none of the above
D
minimum payment
*select an answer for all questions
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