What is an Annual Fee in the context of credit cards?
Credit Terminology Quiz

Quiz
•
Business
•
9th - 12th Grade
•
Medium
Cherry Andrews
Used 2+ times
FREE Resource
35 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
A one-time charge for opening a credit card account
A monthly charge for using a credit card
A bank charge for use of a credit card levied each year
A fee for exceeding the credit limit
2.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
What does APR stand for in financial terms?
Annual Payment Rate
Annual Percentage Rate
Annual Premium Rate
Annual Principal Rate
3.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Who are Authorized Users in the context of a credit card account?
People who can view the credit card statement
Any person to whom you give permission to use a credit card account
The primary cardholder
Bank employees who manage the account
4.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
What is Bankruptcy?
A high credit score
A legally inability or impairment of ability of an individual or organization to pay its creditors
A type of loan
A method of saving money
5.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
What is a Billing Period?
The time between two credit card statements
The period that your charges are applied to your credit card
The time it takes to process a credit card application
The period during which interest is not charged
6.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
What is Collateral?
A type of credit card
Property or any tangible assets used as security to get a loan
A method of calculating interest
A type of savings account
7.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
What is the role of a Cosigner?
To manage the credit card account
To sign for a loan and assume equal liability for the debt
To pay off the loan
To provide financial advice
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