Quiz-Credit-Card - 1. How many credit cards does the...

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1. How many credit cards does the average American family have? a) 6. b) 8. c) 11. 2. Nearly 144 million Americans have general-purpose credit cards.* Approxi- mately how many of them pay off their bill in full each month? a) 55 million. b) 90 million. c) 115 million. 3. Approximately how many Americans pay only the minimum payment required each month? a) 15 million. b) 35 million. c) 50 million. 4. The industry jargon for someone who pays his or her bill in full every month is: a) a deadbeat. b) a revolver. c) a gamer. 5. The credit card debt that the average American family carries is approxi- mately: a) $2,500. b) $8,000. c) $13,000. 6. How much notice must a credit card company give its customers when changing the terms of the cardholder contract? a) 60 days. b) 30 days. c) 15 days. 7. Which of the following is likely to trigger the universal default clause in a cardholder's contract (meaning the card issuer can raise your APR automati- cally)? a) You went over your credit limit on another card.
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This note was uploaded on 10/13/2010 for the course ACCT 5243 taught by Professor Gooch during the Fall '08 term at Cameron University.

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Quiz-Credit-Card - 1. How many credit cards does the...

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