Credit Card Glossary Quiz

What is an Annual Fee?

• A monthly charge for using a credit card

• A yearly charge for using a credit card

• A one-time charge for using a credit card

• No charge at all.

Fill in the blank: The amount of money owed on a credit card account is called the ______.

• Credit

• Balance

• Limit

• Fee

What is Credit?

• Money you lend to others

• Borrowed money to purchase goods and services

• A gift from the bank

• A type of savings account.

Fill in the blank: A ______ is a payment card that allows you to borrow money to make a purchase.

• Debit Card

• Gift Card

• Credit Card

• Store Card

What does a Credit Limit refer to?

• The maximum amount you can charge on your card

• The minimum amount you must spend

• The amount you owe

• The interest rate.

Fill in the blank: A ______ card allows you to make purchases similar to a credit card but deducts the amount directly from your checking account.

• Credit

• Debit

• Gift

• Store

What is Debt?

• Money you owe to someone else

• Money you have saved

• Money you lend to others

• Money you receive as a gift

Fill in the blank: The day your payment is due is called the ______.

• Due Date

• Payment Day

• Deadline

• Final Day

What is an Interest Rate?

• A fee for using an ATM

• A percentage of the credit card balance charged when using a credit card

• A reward for paying on time

• A type of savings account.

Fill in the blank: If you pay your bill after the due date, you may be assessed a ______.

• Early Fee

• Late Payment Fee

• Service Charge

• Annual Fee