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Credit Card Calculations 4.02 Quiz

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Questions and Answers

What is the main benefit of using a credit card according to the text?

Having a higher credit limit

Avoiding interest charges

Earning interest on purchases

Convenience compared to carrying cash (correct)

How is the interest usually calculated on credit card purchases?

Monthly

Yearly

Weekly

Daily (correct)

What is a credit limit in relation to a credit card?

The maximum amount the cardholder is approved to spend (correct)

The amount of interest charged on overdue payments

The minimum payment required each month

The maximum amount of money the bank can lend to the cardholder

What does the interest-free period typically apply to on a credit card?

Purchases if paid in full within a certain time frame Signup and view all the answers

Which of the following is true about cash advances on credit cards?

They have a higher interest rate than purchases Signup and view all the answers

What additional feature do some credit cards offer besides cash-back rewards?

Extended warranty on purchased items Signup and view all the answers

Credit Card Calculations 4.02 Quiz

Choose a study mode

Podcast

Questions and Answers

What is the main benefit of using a credit card according to the text?

How is the interest usually calculated on credit card purchases?

What is a credit limit in relation to a credit card?

What does the interest-free period typically apply to on a credit card?

Which of the following is true about cash advances on credit cards?

What additional feature do some credit cards offer besides cash-back rewards?

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