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Credit Cards

Quiz by Joe Garreck

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22 questions
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  • Q1
    Bob received a credit card statement that has a new balance of $650.45 and a minimum payment of $27.80. Bob makes only the minimum payment. He makes no other purchases. What will be the unpaid balance?
    $622.65
    300s
  • Q2
    Leanne received a credit card statement that has a new balance of $1365.23 and a minimum payment of $57.20. The annual percent rate is 19.1% compounded daily and charged on the unpaid balance. Leanne makes only the minimum payment. She makes no other purchases. How much interest will Leanne be charged on the next statement in 31 days?
    $21.39
    300s
  • Q3
    Shelia owes $650.36 on her MasterCard which has an APR of 19.97%, and has a grace period of 20 days. She is 88 days overdue. On her MasterCard interest is compounded daily. How much interest does she owe all together?
    $24.65
    300s
  • Q4
    On a MasterCard (APR 19.97%), interest is compounded daily. What interest is owed on a balance of $1200 that is 60 days overdue with a grace period 0f 21 days?
    $25.87
    300s
  • Q5
    A credit card statement that has a new balance of $750 and a minimum payment of $35.00. The annual percent rate is 19.97% compounded daily and charged on the unpaid balance. The grace period is 21 days. You have not paid the balance for 45 days in total. How much do you now owe the Credit Card company?
    $759.91
    300s
  • Q6
    A credit card statement that has a new balance of $750 and a minimum payment of $35.00. The annual percent rate is 19.97% compounded daily and charged on the unpaid balance. The grace period is 21 days. You have not paid the balance for 45 days in total. How much INTEREST do you now owe the Credit Card company?
    $9.91
    300s
  • Q7
    Susan received a credit card statement that has a new balance of $1250.00 and a minimum payment of $36.20. The annual percent rate is 19.95% compounded daily and charged on the unpaid balance. Susan makes only the minimum payment. She makes no other purchases. What is Susan's balance after the payment?
    $1213.80
    300s
  • Q8
    Susan received a credit card statement that has a balance of $1213.80. The annual percent rate is 19.95% compounded daily and charged on the unpaid balance. Susan is 28 days past the grace period. How much does she owe the credit card company after the 28 days?
    $1232.51
    300s
  • Q9
    If you calculate the amount owing as $1875.36 and you originaly owed $1805.00, how much of the amount owing is interest?
    $70.36
    300s
  • Q10
    What is a credit on a credit card statement?
    It is the amount from a returned item.
    It is something you have bought.
    It is something you have purchased.
    It is a payment.
    30s
  • Q11
    A Canadian Tire credit card is an example of a __________ card.
    Secured
    Limited Purchase
    Charge
    Standard
    30s
  • Q12
    A revolving balance is?
    Part of the grace period.
    The balance after a payment.
    The comparison between purchases and payments.
    The new balance after you have made a minimum payment plus interest.
    30s
  • Q13
    Rob is unemployed and would like a credit card. Which credit card would you recommend for him?
    Limited
    Secured
    Standard
    Charge
    30s
  • Q14
    Which of the following is not an advantage of a credit card
    Earn Rewards
    Can use in the case of an emergency
    Build Credit
    Easy to spend money on things you want
    30s
  • Q15
    A plastic card used to make purchases now and pay for them later.
    interest
    APR
    credit card
    credit limit
    30s

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