31. Which agency regulates credit card issuers and protects consumers?
a) Federal Trade Commission (FTC)
b) Federal Reserve System (Fed)
c) Consumer Financial Protection Bureau (CFPB)
d) Office of the Comptroller of the Currency (OCC)
32. What is a balance transfer on a credit card?
a) Moving funds from a savings account to pay the credit card bill
b) Transferring the outstanding balance from one credit card to another
c) Transferring funds between different credit card accounts
d) Transferring money from a credit card to a bank account
33. True or False: Using a credit card wisely can help improve a person’s credit score.
34. What is the purpose of a magnetic strip on a debit card?
a) It contains the cardholder’s personal information
b) It serves as a signature for card verification
c) It is used to authorize transactions
d) It holds encrypted data for transaction processing
35. Who bears the financial responsibility for unauthorized transactions made with a credit card?
a) The cardholder
b) The card issuer
c) The merchant
d) The credit card network
