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Disadvantages of Using Credit Quiz

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Questions and Answers

What is a disadvantage of using credit according to the text?

Living beyond your income and spending future income now (correct)

Not having to carry large amounts of cash

Reducing expenses by using credit

Earning more income in the future

Which type of credit card requires you to pay the entire bill each month except for travel-related expenses?

Gas station credit cards

Retail Store Cards

Travel and Entertainment Cards (correct)

General Purpose Cards

What is an example of serious consequences of misusing credit as mentioned in the text?

Saving money in a separate account

Damaging your credit score (correct)

Paying off debts on time

Having multiple credit cards

Which type of credit card permits you to charge purchases only with the issuing merchant?

Retail Store Cards Signup and view all the answers

What type of loans are included under installment loans according to the text?

Auto loans and student loans Signup and view all the answers

What type of loan has a predetermined amount of payment and number of payments, such as an automobile loan?

Installment loan Signup and view all the answers

Which type of credit does not have a fixed number of payments and includes features like minimum monthly payments and finance charges?

Revolving credit Signup and view all the answers

What is the purpose of student loans compared to other types of loans?

To finance education with deferred payments Signup and view all the answers

Which type of credit involves a member's earned service and might include prior and purchased service?

Service credit Signup and view all the answers

What distinguishes revolving credit from installment loans?

Having varying interest rates Signup and view all the answers