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Module 119-120 Review Part 2
Test Description: Module 119-120 Review Part 2
Instructions: Answer all questions to get your test result.
1) Which statement is NOT true about cash advances
A
a cash advance is when you pay in advance toward your credit card bill
B
a cash advance with your credit card is like taking out a loan
C
when you use your credit card to take out cash advance, you are charged interest
D
the interest rate on cash advance is generally higher than the interest rate charged on
2) Which statement is NOT true about minimum payments
A
if you pay less than the minimum payment, your interest rate may be raised to a higher APR
B
it is a good idea to only pay the minimum payment so that you can get a better credit score
C
the minimum payment warning on your credit card bill tells you long will it will take to pay off your bill paying minimum amt
D
if you pay the minimum payment, you will most likely carry a balance and be charged interest.
3) Which statement is NOT true about the APR
A
The APR on your credit card can change if you are late paying your bill by one day.
B
The APR takes into account when the interest rate is compounded and the timing of your payments
C
the APR on your credit card is the same for cash advances and purchases
D
a credit card may have one APR for the first months that you have a card and then raise the APR after this introductory pd.
4) Which statement is NOT true about credit card fraud
A
it is a good idea to tell your credit card company if you are making a purchase out of town or above your usual spending leve
B
credit card companies want to avoid fraud so they not have to pay for fraudulent charges.
C
you should check statement online to see if there are any charges you do not recognize, as these charges could be fraudulent.
D
if someone other than yourself is using your credit card without your permission, it is not considered fraud
5) Which statement is NOT true about penalties
A
you can be penalized if you pay less than the minimum payment
B
your account agreement statement is like a contract, which means the credit card company cannot change the APR after you sign
C
you can be penalized if the credit card company receives your payment after the payment due date.
D
when the credit company changes your APR because of a penalty, they are not required to restore the APR to the previous rate
6) Which statement is NOT true about viewing your balance
A
all transactions such as payments, cash advances, and purchases can be seen online
B
you should share your PIN and account number with friends so that they can remind you to check your account.
C
online viewing of your account is one way to catch fraudulent use of your credit card.
D
your account balance can be viewed online if you sign up for online access with your credit card company
7) Which statement is NOT true about interest charges
A
you can avoid interest charges if you always pay off your bill in full and on
B
as long as you have a balance for two consecutive billing periods, you will be charged interest.
C
interest charges are required by law never to exceed the amount of the original charge
D
when you use your card to take out a cash advance, you always are charged interest
8) Which statement is NOT true about paying your bill
A
Paying your bill as soon as you get is a good idea. The interest charged when late is much higher than savings interest
B
when you are late with your bill, you are only charged interest for the time between when the payment was due and received
C
if you are having trouble paying your bill, you should contact the credit card co to discuss changing the terms of payment
D
being timely in paying your credit card bill improves your credit rating.
9) Which statement is NOT true about credit card fees
A
Annual fee are charged whether you use your credit card or do not use your credit card.
B
“NO fees cards” refer to cards that do not have annual fees
C
late fees are less if you are only a few days late and greater if you are more than a week late.
D
cash advance fees usually have a minimum amount and then go up as a % of the cash you take out as an advance
10) Which statement is NOT true about balance transfers
A
If you transfer a balance from one card to another and then do not pay off the balance, you will be charged interest.
B
Balance transfers are only penalized on debit cards.
C
Balance transfers are typically charged a lower interest rate than cash advances.
D
You can transfer the balance you owe on one credit card to another credit card.
*select an answer for all questions
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