CC #1 Question Preview (ID: 27851)


FUHRMS - Financial Literacy. TEACHERS: click here for quick copy question ID numbers.

Payday lenders can charge up to how much interest?
a) 10%
b) 50%
c) 75%
d) 900%

Credit card minimum payments are usually around what percent of the total balance?
a) 2-3%
b) 20-30%
c) 80-100%
d) 100-150%

Which one of these is a charge that you would NOT see on a credit card bill?
a) Overdraft Fee
b) Over-The-Limit Fee
c) Annual Fee
d) Late Payment Fee

Which one of these is a charge that you would NOT see on a credit card bill?
a) Online Statement Fee
b) Over-The-Limit Fee
c) Annual Fee
d) Returned Check Fee

A cash advance is
a) When you use your credit card to obtain a cash loan
b) When you get a credit card promotional offer
c) When you use your debit card to obtain a cash loan
d) When a store has a return policy

The Annual Percentage Rate (APR) on a credit card determines
a) How many credit cards that you can own
b) The number of items that you can buy within one year
c) The amount of interest you are charged on credit card purchases
d) The rate of return on your stock investments

The maximum amount you can charge on a credit card is called the
a) credit limit.
b) capacity.
c) collateral for the card.
d) credit ratio.

What is the ability to make purchases with the promise that the monies will be repaid at a later date?
a) credit
b) credit card
c) charge card
d) charge

What is an outstanding balance?
a) The amount of money you still need to repay on any debt you have
b) The amount of charges that have not yet appeared on your credit card statement
c) The amount of finance charges on previous and current purchases
d) The maximum amount of cash advance fees that charged to a consumer

What is the average daily balance?
a) The average amount you charge on the credit card each day of the billing cycle
b) The average amount you owe on the credit card each day of the billing cycle
c) The average amount you owe on the credit card each month of the billing cycle
d) The average amount you pay on the credit card each day of the billing cycle

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