OSU Extension Let's Talk Money - Welcome to the Credit Quiz

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Welcome to the Credit Quiz

This is an opportunity for you to learn about credit including the cost of credit, what to do when you are turned down for credit, and cash advances.

Directions: Mark your selection, choosing the best answer for each of the eight question in this quiz. Then submit your quiz.You will receive a copy of your answers with additional information about each topic in the quiz.

Use your mouse ot TAB key to move from field to field within the form. Using the ENTER key may cause the form to submit prematurely.

1. When applying for a credit card, it is important to think about:

	a. Perks the offered (frequent flyer miles, discount on cars, and/or collision coverage, etc.)
	b. Annual membership fee or charges.
	c. Annual percentage rate (APR) and the way the interest is figured (average daily balance or two-cycle daily balance).
	d. All of the above

2. A grace period is offered by some credit card companies which means:

	a. The time authorizing another person to use a credit card debt.
	b. The amount of time, usually 15-25 days, during which interest is not charged on credit card purchases, if there is no outstanding balance.
	c. The time between when the bill is received and when it is paid.
	d. The option of skipping a monthly payment each year.

3. Knowing the terms used by the credit industry is important in taking the right action. The term used to describe the interest charges on unpaid balances is:

	a. Grace Period
	b. Annual Interest Rate
	c. Credit Opportunity
	d. Annual Fee

4. You have been turned down for a new credit card and you do not understand why. You have the right to:

	a. Demand that you be given credit
	b. Receive a free credit report
	c. Free legal council to clear your credit
	d. Receive a credit report for $10

5. Which of the items listed below mean you are in over your head with credit card difficulties?

	a. Unable to make new monthly charges
	b. Credit cards are maxed to their limits
	c. Make the minimum or less than minimum payments on credit cards
	d. All of the above

6. You purchased a new computer and printer for $2500 on your credit card that charges 18% interest. For the $2,500 and making only the minimum payments (2% of the bill), how long will it take to pay off the credit card ?

	a. 1 year
	b. 15 years
	c. 6 years
	d. 34 years

7. Someone stole your credit card and charged $1,200 worth of clothing and concert tickets. As owner of the card, what is your responsibility for this debt?

	a. You must pay the full amount since it is your card
	b. You must pay the first $50, but that is all
	c. You are not responsible for any of the charges because you did not make any of the purchases
	d. You must pay all but $50 of the amount charged

8. When writing a check at a cash advance business, it is important to have 2 paycheck stubs, your most recent bank statement and become a member of the business before cashing a check. If you want to cash a check for $300 it will cost you 20%. How much will you have to pay for this service?

	a. $20 will be deducted from your amount so you will really receive $280
	b. $60 will be deducted from you check of $300 so you will really receive $240
	c. $60 will be added onto your $300 so you will really pay $360
	d. None of the above

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