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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.

APenalty APR BOverlimit fee CPrime Rate DAnnual Fee

2) Regardless of whether or not you use your credit card, some credit card companies charge a(n)

Aonline payment fee Bannual fee Coverlimit fee Dbalance transfer fee

3) One benefit to having a credit card is that you can

Aestablish a credit history Bget a loan with a high APR Call of the above Dpay interest on cash advances

4) Your interest rate on your credit card may rise if you

Amake an online payment Bmake a late payment Cmake a transaction or purchase Dfail 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.

Aforeign transaction fee Breturn check fee Call of the above Ddeferred payment fee

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.

Aprime rate Ball of the above Cbalance Drewards program

7) __________ is expressed as a yearly rate.

Aa cash advance Ban overdraft fee Ca purchase DAPR

8) You may be charged a __________ if you continually do not make your payments on time.

Apenalty APR Ball of the above Cprime rate Dforeign transaction fee

9) Some credit cards let you earn cash back or offer other kinds of

Acash advances Bprime rates Crewards programs Doverdraft fees

10) To avoid paying interest on purchases, you should pay more than the

Adeferred payment Bminimum payment Coverlimit fee Dnone of the above

*select an answer for all questions

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