Credit Card Quiz - Financial Literacy

When you use a credit card to make a purchase, money is _____________.

• deducted directly from your bank account

• Borrowed from the bank and must be paid back

• returned to you in cash

• free

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CCSS.7.EE.B.3

CCSS.7.NS.A.3

The amount owed on a credit card at any given time is called the _______.

• credit limit

• finance charge

• interest

• balance

If the full amount owed on a credit card is not completely paid each month, the credit card user will pay _________.

• interest

• less money

• fees

• annual percentage fees

Which of the following factors DO NOT affect your credit score?

• total amount owed on loans

• number of late bills

• religion

• age of your first credit account

Each month, a credit card user receives a ________ that shows all of the activity, interest, and fees on the card.

• Schumer box

• Disclosure

• Credit Card Statement

• Credit Report

Using a credit card to obtain cash from an ATM is called a _________.

• cash advance

• finance charge

• interest

• balance transfer

The smallest amount of money a credit card user can pay towards their card balance each month is called a __________.

• late payment

• balance transfer

• minimum payment

• payment credit

Use the minimum payment warning to determine how much this credit card user could save by making $100 payments instead of the minimum payment each month.

• $9,810.97

• $6,412.32

• $3,198.65

• $3,213.67

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CCSS.HSA.CED.A.1

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CCSS.HSA.SSE.A.1

Raina and Jim are both applying for a new loan. Raina currently has a credit score of 812. Jim has a credit score of 650. Who is most likely to get a lower interest rate for their loan?

• Raina

• Jim

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CCSS.HSS.ID.A.2

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Determine whether the scenario below is describing the use of a credit or debit card.

Jack orders a new pair of jeans online. He uses a card that is considered safer to use online.

• Credit

• Debit