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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
Overlimit fee
B
Annual Fee
C
Penalty APR
D
Prime Rate
2) Regardless of whether or not you use your credit card, some credit card companies charge a(n)
A
online payment fee
B
balance transfer fee
C
overlimit 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
establish a credit history
C
pay interest on cash advances
D
all of the above
4) Your interest rate on your credit card may rise if you
A
make a late payment
B
fail to join a rewards program
C
make a transaction or purchase
D
make an online payment
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
deferred payment fee
B
return check fee
C
foreign transaction 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
prime rate
D
balance
7) __________ is expressed as a yearly rate.
A
a purchase
B
an overdraft fee
C
APR
D
a cash advance
8) You may be charged a __________ if you continually do not make your payments on time.
A
all of the above
B
foreign transaction fee
C
penalty APR
D
prime rate
9) Some credit cards let you earn cash back or offer other kinds of
A
overdraft fees
B
prime rates
C
cash advances
D
rewards programs
10) To avoid paying interest on purchases, you should pay more than the
A
none of the above
B
deferred payment
C
overlimit fee
D
minimum payment
*select an answer for all questions
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