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Are You Financially Literate? Chapter 13 Quiz
1. A credit card billing statement tells you: a. all of the purchases made on the card during the billing cycle
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b. any changes to APRs c. the payment due date d. all of the above
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2. Rhonda owns a charge card . She found a laptop computer that she wants on super sale for $500, which is 50% off its regular price. She wants to use her charge card to purchase it. Rhonda had several unexpected expenses this month, so she won’t have enough money in her bank account to pay her charge card bill if she makes this purchase. Rhonda has decided that’s ok, because she can easily pay it next month, and she will still save a lot of money by getting a laptop for such a low price. Is this a good decision? Why or why not? _ ____________________________________________________________________ _ ____________________________________________________________________ 3. The average number of credit cards per credit card user in the United States is _____. c. 2.1 d. 1.3 4. T F A credit cardholder may opt to carry a balance over from billing cycle to billing cycle by making a payment of less than the full balance. 5. T F A charge cardholder may opt to carry over a balance from billing cycle to billing cycle by making a payment of less than the full balance. 6. It’s May 14. George is shopping. He has his eye on a sweet leather bomber jacket that costs more than he can afford right now. He is thinking of buying it with his credit card. His billing cycle closing date is May 15 and his grace period is 21 days. If he buys this jacket today, when must he pay for it to avoid paying interest on the charges? _ ____________________________________________________________________ 7. Based on the same facts as Question 6, If George waits two days and buys the coat May 16, by what date must he pay for it to avoid paying interest? _ ____________________________________________________________________ PRODUCT PREVIEW a. 3.7 b. 6.4
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Chapter 13 | Credit Card Craze 260
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