6. What happens if a credit card balance is not paid in full by the due date?
a) The remaining balance is rolled over to the next period
b) The card is canceled
c) A late fee is charged
d) The interest rate decreases
7. Which of the following is true about a secured credit card?
a) It requires a cash deposit as collateral
b) It has a higher interest rate than an unsecured credit card
c) It doesn’t report to credit bureaus
d) It doesn’t require a credit check
8. What is the most important factor that affects a person’s credit score?
a) Income level
b) Number of credit cards owned
c) Length of credit history
d) Amount of available credit
9. A credit card’s APR stands for:
a) Annual Payment Rate
b) Annual Percentage Rate
c) Annual Purchase Rate
d) Annual Processing Rate
10. Which of the following statements about debit card fraud protection is true?
a) Debit cards offer no fraud protection
b) Debit cards have the same fraud protection as credit cards
c) Debit cards offer more fraud protection than credit cards
d) Debit cards require the user to be responsible for any unauthorized transactions
