Managing Life Skills ©2011

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Practice Quizzes - Section 2

1
Which are the three most common types of credit?
A)Credit cards, stocks, and bonds
B)Credit cards, certificate of deposit, and insurance
C)Sales credit, cash loans, and IOUs
D)Credit cards, sales credit, and cash loans
2
Which of the following will cost you more?
A)Buying on credit
B)Paying cash
C)Buying with a check
D)Using a debit card
3
What is a finance charge made up of?
A)Interest only
B)Credit
C)Interest and additional fees
D)Principal
4
Which of the following credit cards carries the name of the issuing bank and another company?
A)General purpose card
B)Smart card
C)Private label card
D)Co-branded card
5
What is a grace period?
A)Your credit limit
B)The time you have to pay the balance on your card without finance charges
C)A fee the bank charges for late payments
D)An incentive offered by a credit card company
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