Personal Finance Payment Types Question Preview (ID: 40002)


Personal Finance. TEACHERS: click here for quick copy question ID numbers.

Which of the following payment types require you to pay upfront?
a) Money order
b) Cashier's check
c) Pre-paid card
d) All of the above

Which of the following is true?
a) Checks and Debit Cards both withdraw money directly from a bank account.
b) Checks are the most widely accepted form of payment
c) Debit Cards often have a higher interest rate than Credit Cards
d) Debit cards offer the highest level of fraud protection

Which of the following statements comparing debit cards to credit cards is TRUE?
a) Debit cards allow you to draw funds directly from your checking account
b) Debit cards typically offer greater fraud protection than credit cards.
c) Debit cards never require a signature to finalize a purchase like credit cards
d) Debit cards charge higher interest rates on purchases than credit cards.

Which of the following is NOT true of credit cards?
a) They offer the highest level of fraud protection.
b) They are the best payment type to use when trying to stick to a budget.
c) You can be charged a fee if you are late making a monthly payment
d) Some offer rewards, like cash back or airline miles

Which payment method typically charges the highest interest rates?
a) Credit cards
b) Cashier's checks
c) Pre-paid cards
d) Payday loans

Which of the following tells you how much your credit card interest will be if you only pay the minimum balance each month?
a) Late Fee
b) Annual Membership Fee
c) Annual Percentage Rate
d) Balance Transfer Fee

Which payment type can help you stick to a budget?
a) Credit cards
b) Debit cards
c) Payday loans
d) Cash advances

Which of the follow will happen if you miss a monthly credit card payment?
a) You will be charged a late fee
b) You lose reward points
c) Your APR will increase the next month
d) Both A and B

If you are planning to carry a large balance on your credit card, which of the following credit card features should you look for?
a) Low APR
b) Low balance transfer fee
c) Lots of credit card rewards
d) A large credit limit

What is a credit limit?
a) The required payment to your credit card company.
b) The amount of interest you are charged each month.
c) The maximum amount you can charge each billing cycle.
d) How many credit cards you can own.

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