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module 6 review & understanding credit cards questions and answers 100- correct
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module 6 review & understanding credit cards questions and answers 100- correct Which of these choices shows the smartest thinking? A I use my credit card very carefully and I always pay my credit card bill the minute I get it. B I use my credit card very carefully and I always pay my credit c...

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  • September 11, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • module 6 review understanding credit cards quest
  • which of these choices shows the smartest thinking
  • why do you think that we named this module sucker
  • which answer defines a credit cards grace period

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module 6 review & understanding credit
cards questions and answers 100%
correct

Which of these choices shows the smartest thinking?

A I use my credit card very carefully and I always pay my credit card bill the minute I get
it.
B I use my credit card very carefully and I always pay my credit card bill the day it is
due.
C I use my credit card for impulse shopping.
D I use my credit card to help my friends buy stuff they cannot afford. - answerA I use
my credit card very carefully and I always pay my credit card bill the minute I get it.

Why do you think that we named this module "Sucker Punch"? Choose the one best
answer.

A Because we're big boxing fans.
B Because we want to protect you from getting hurt.
C Because we want you to be aware that credit cards can be as painful as an
unexpected punch in the stomach. Most credit card companies are out for themselves -
they're not really looking out for you. This means that you have to be on the alert for
sucker punches when you apply for and use a credit card.
D Because we all can be hit by a sucker punch in life. - answerC. Because we want you
to be aware that credit cards can be as painful as an unexpected punch in the stomach.
Most credit card companies are out for themselves - they're not really looking out for
you. This means that you have to be on the alert for sucker punches when you apply for
and use a credit card.

Which answer defines a credit card's "grace period"?

A If I pay off my entire credit card bill before the grace period ends, I don't have to pay
interest on the money I've borrowed from the credit card company every time I've
charged something.
B If my payment isn't credited before this date, my payment will be late.
C A credit card's grace period is a very expensive way to borrow money.
D If I act "gracefully" when I pay my bill I will not be charged interest on my credit card. -
answerA If I pay off my entire credit card bill before the grace period ends, I don't have
to pay interest on the money I've borrowed from the credit card company every time I've
charged something.

, Which answer best describes a credit card?

A A credit card is a cheap way to borrow money.
B A credit card is a convenient way to pay for things sometimes and also allows you to
spend like you're a millionaire.
C A credit card is a very expensive way to borrow money.
D A credit card gives you unlimited spending. - answerC A credit card is a very
expensive way to borrow money.

Which of these choices shows the smartest thinking?

A I always use my credit card to finance purchases.
B I use my credit card to build my credit and for convenience. But I try to never finance
purchases with it. If I really do need to finance an important purchase, I go to my credit
union or bank and try to get a loan that is much cheaper than financing on my credit
card.
C I use my credit card to finance my vacations and pay for the vacation monthly.
D I use my credit card when I really want something, even though I don't need it, and
am short of cash. - answerB I use my credit card to build my credit and for convenience.
But I try to never finance purchases with it. If I really do need to finance an important
purchase, I go to my credit union or bank and try to get a loan that is much cheaper
than financing on my credit card.

With a debit or ATM card, you are spending your own money. With a credit card, you
are always borrowing money.

True
False - answerTrue

Select the correct statement:
A I should never, ever, be late on a credit card payment.
B I should always try to pay off my credit card bill in full each month. C If I can't pay my
credit card balance off in full each month, I should pay as much as I can.
D All of the above. - answerD All of the above.

What should I do if I cannot pay off my credit card bill in full?

A I should get a cash advance on another credit card and pay the bill.
B I should stop using my credit card until I can pay off the bill.
C What's to worry about? I'm going to charge just a little bit more and worry about it next
month.
D None of the above. - answerB I should stop using my credit card until I can pay off the
bill.

Which defines a "credit limit"?

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