Credit Terminology Quiz

Credit Terminology Quiz

9th - 12th Grade

35 Qs

quiz-placeholder

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Credit Terminology Quiz

Credit Terminology Quiz

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Cherry Andrews

Used 2+ times

FREE Resource

35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

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

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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