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Credit

Quiz by Mike Thomson

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10 questions
Show answers
  • Q1
    Which of the following is an example of credit?
    Earning money from a part-time job
    Borrowing money from a bank to purchase a car
    Saving money in a piggy bank
    Donating money to a charity
    30s
  • Q2
    What is a credit card used for?
    Using cash for transactions
    Making purchases and borrowing money
    Deposit money into a bank account
    Writing checks for payments
    30s
  • Q3
    What is the purpose of a credit limit on a credit card?
    To limit the number of transactions
    To provide cashback rewards
    To control how much money can be borrowed
    To increase the interest rate on purchases
    30s
  • Q4
    What is the minimum payment on a credit card?
    The interest rate on the credit card
    The total amount charged on the credit card
    The maximum amount you can borrow
    The smallest amount you can pay each month to avoid late fees
    30s
  • Q5
    What is the main difference between a credit card and a debit card?
    A credit card is only accepted in stores while a debit card can be used online as well.
    A credit card requires a PIN while a debit card requires a signature.
    A credit card and a debit card are the same.
    A credit card allows you to borrow money while a debit card uses money from your bank account.
    30s
  • Q6
    What happens when you use a debit card to make a purchase?
    You receive a bill at the end of the month.
    The merchant pays for the purchase on your behalf.
    You earn reward points for the purchase.
    The money is immediately deducted from your bank account.
    30s
  • Q7
    Which of the following is a similarity between credit cards and debit cards?
    Credit cards require a PIN number, while debit cards require a signature.
    Credit cards have a higher spending limit than debit cards.
    Both credit cards and debit cards can be used to make purchases.
    Credit cards charge interest on unpaid balances, while debit cards do not.
    30s
  • Q8
    What is a disadvantage of using a credit card?
    Credit cards can only be used for online purchases.
    Credit cards have high interest rates.
    Credit cards require a PIN number for every transaction.
    Credit card debt can accumulate if not managed responsibly.
    30s
  • Q9
    What is the difference between gross income and net income?
    Gross income is the money earned from investments, while net income is the money earned from work.
    Gross income is the total amount earned before deductions, while net income is the amount left after deductions.
    Gross income is the amount left after deductions, while net income is the total amount earned before deductions.
    Gross income includes only wages, while net income includes all sources of income.
    30s
  • Q10
    What is the difference between needs and wants?
    Needs and wants are interchangeable
    Needs are optional but desirable, while wants are essential for survival
    Needs are only applicable to certain individuals, while wants are universal
    Needs are essential for survival, while wants are not necessary but desirable
    30s

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