VB Personal Finance Getting a Credit Card (Reading Quiz)

QUESTION 1 of 10: You ran short of cash and borrowed $50 from your rich cousin. When you paid her back, she insisted that you owed $60. What is the extra $10 called? b) Interest
QUESTION 2 of 10: You forgot to pay last month’s credit card bill. Your creditor will probably: c) Add finance charges and late fees to your bill
QUESTION 3 of 10: You can best compare credit card offers by looking at these two features: a) APR and fees
QUESTION 4 of 10: Which of the following is the best definition of a minimum payment on a credit card? b) The smallest payment that will keep a credit card holder in good standing with the lender
QUESTION 5 of 10: A business that gives you a loan is: d) A creditor
QUESTION 6 of 10: Oh no! Someone stole your credit card and charged $2,500 worth of purchases before you even knew the card was missing. How much of the unauthorized charges can you be required to pay? b) $50
QUESTION 7 of 10: Chandra likes her new credit card. She uses it whenever she can, but she’s careful to stay below her credit limit. After two months she notices her credit card bill includes huge finance charges. She chose her card because it featured 0% APR, so she doesn’t think she should have any finance charges at all. What is the most likely explanation for the finance charges on Chandra’s bill? c) The introductory rate on the card is no longer in effect
QUESTION 8 of 10: If you get your first credit card while you’re a full-time student, what can you expect about the card’s APR on outstanding balances? c) It will probably be high
QUESTION 9 of 10: When you borrowed $50 from your rich cousin, and then had to pay her back $60, what is the original $50 called? c) Principal
QUESTION 10 of 10: Matt has $471.60 in his checking account and feels he’s doing pretty well financially.Then his car stops running. His mechanic is able to fix it in a day, but with the towing charges, parts, and mechanic’s labor, he now needs to pay the service center $624.11 so he can drive his car to work. Of the following choices, which is the best course of action for Matt? a) Pay the service center with his Visa credit card

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