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Quiz about Bills Bills Bills
Quiz about Bills Bills Bills

Bills, Bills, Bills! Trivia Quiz


It's an unavoidable fact of our existence: bills! We hate them, we despair over them, but ultimately, we must pay them -- or else face the consequences. Can you decipher bill jargon? Here's a simple quiz to test your bill-paying smarts!

A multiple-choice quiz by duracell. Estimated time: 4 mins.
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Author
duracell
Time
4 mins
Type
Multiple Choice
Quiz #
222,536
Updated
Dec 03 21
# Qns
10
Difficulty
Very Easy
Avg Score
10 / 10
Plays
8460
Awards
Top 20% Quiz
Last 3 plays: Guest 47 (10/10), NovaLuna (10/10), robjoy (10/10).
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Question 1 of 10
1. Often you will encounter the acronym "APR" on your credit card bill. What does it mean? Hint


Question 2 of 10
2. When paying in a shop with a debit or credit card, you will normally be expected to place your card in a slot in a machine and enter your PIN on a keypad. What do the letters PIN stand for? Hint


Question 3 of 10
3. The organization that knows all about your buying, borrowing and payment history and issues reports to your creditors is called ___________. Hint


Question 4 of 10
4. The bank uses this term to describe the payment of bills by direct drafts from your checking account.

Hint


Question 5 of 10
5. Help! Another acronym! LOC stands for Line of Credit, a special account that's attached to your checking account. If you have big expenses one month (eg, high utility bills in winter, car repair expenses) the line of credit will place money in your checking account to tide you over. If you don't have this account, your checking account may become....
Hint


Question 6 of 10
6. You have been really busy and under a lot of stress. You haven't gotten around to balancing your checking account for awhile. You write a check at the hardware store for contact paper, a new garden hose and a trampoline. Ten days later, you receive a letter from the store stating that you still owe them for the merchandise plus a fine of $25, and they want you to come back and pay in cash. What has happened? Hint


Question 7 of 10
7. Some financial counselors say that this important monthly payment should not exceed 1/4 to 1/3 of a person's monthly income. Hint


Question 8 of 10
8. You have questions about your monthly statement so you call your loan company, bank or credit card company. You are shuffled from one department to another and the phone menu is endless. You're running out of patience. What shortcut will often take you directly to customer service? Hint


Question 9 of 10
9. There are three factors to consider when making a major purchase (eg, a home or car loan). These related factors will determine how much you will ultimately pay for the item. They are... Hint


Question 10 of 10
10. What does it mean when a company asks you to "remit the payment" by the due date? Hint





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quiz
Quiz Answer Key and Fun Facts
1. Often you will encounter the acronym "APR" on your credit card bill. What does it mean?

Answer: Annual Percentage Rate

Annual Percentage Rate is perhaps the most important factor to consider when selecting a credit card. It indicates how much the bank is going to charge you for the privilege of using a credit card. Shop around and get the best rate, then make sure it's not just an introductory rate that will shoot up after 6 months. Don't be afraid to ask questions BEFORE buying that widescreen TV!
2. When paying in a shop with a debit or credit card, you will normally be expected to place your card in a slot in a machine and enter your PIN on a keypad. What do the letters PIN stand for?

Answer: Personal Identification Number

You should never write your PIN anywhere in your purse or wallet. Otherwise if you lose it or it is stolen, the thief will be able to use your PIN with your card to empty your bank account in no time at all! To be safe, choose a PIN that you can easily commit to memory. Or bring cash!
3. The organization that knows all about your buying, borrowing and payment history and issues reports to your creditors is called ___________.

Answer: Credit Bureau

In the US, credit bureaus have become more and more influential as the country becomes more and more of a cashless society. You are legally entitled to inspect your credit report and respond to any inaccuracies you may find therein. Under the terms of the Patriot Act, your personal credit history may indeed be expropriated by government agencies.
4. The bank uses this term to describe the payment of bills by direct drafts from your checking account.

Answer: Electronic funds transfer (EFT)

This can be a handy way to pay bills. Sometimes you can get a lower interest rate on a loan by choosing this option, and there's no envelopes or stamps to deal with. But unless you have a steady job, and a good cash flow (or overdraw account), it can be risky, because you will not have the reminder of a monthly statement arriving in the mail.
5. Help! Another acronym! LOC stands for Line of Credit, a special account that's attached to your checking account. If you have big expenses one month (eg, high utility bills in winter, car repair expenses) the line of credit will place money in your checking account to tide you over. If you don't have this account, your checking account may become....

Answer: Overdrawn

Do whatever you can to avoid overdrawing a checking account. Bank charges for overdrawn accounts are exorbitant. And yes, it is usually unfair, since the last thing you need if you have money troubles, are more expenses. Banks can be heartless this way, so curb your expenses as much as possible to avoid this unfortunate situation. Draw up a budget, use thrift stores, sell your unwanted stuff, get a second job.

Then keep careful records of your spending. You don't want to overdraw!
6. You have been really busy and under a lot of stress. You haven't gotten around to balancing your checking account for awhile. You write a check at the hardware store for contact paper, a new garden hose and a trampoline. Ten days later, you receive a letter from the store stating that you still owe them for the merchandise plus a fine of $25, and they want you to come back and pay in cash. What has happened?

Answer: Your check bounced

Checks bounce when they are presented for payment to the bank and there are insufficient funds to cover them. This causes your account to become overdrawn (see question 5, above).
7. Some financial counselors say that this important monthly payment should not exceed 1/4 to 1/3 of a person's monthly income.

Answer: Rent or mortgage payment

This is a good recommendation. It is tempting to buy (or rent) the biggest and fanciest house you can get (and home lenders are often willing to finance a larger home than you can realistically afford). But when you add in transportation, food, clothes, utility bills and other expenses, it can be tough to make that payment. You don't want to default on a mortgage payment, so your best bet is caution. Be realistic about the kind of housing you can afford.

It all goes on your credit record (see Question 3).
8. You have questions about your monthly statement so you call your loan company, bank or credit card company. You are shuffled from one department to another and the phone menu is endless. You're running out of patience. What shortcut will often take you directly to customer service?

Answer: Pressing "0" on your phone keypad

Even if the "0" option is not given as a menu option (or it is presented later on), you can often get a CSR (customer service representative) by simply pressing "0". If that doesn't work, try "9". If that doesn't work, well, go ahead and scream.
9. There are three factors to consider when making a major purchase (eg, a home or car loan). These related factors will determine how much you will ultimately pay for the item. They are...

Answer: Term, Interest Rate, Monthly Payment

Consumers are often persuaded by highly sophisticated advertising to buy what they cannot afford and do not need. Instead of looking at the bottom line: term, interest rate and monthly payment -- and cautiously weighing out actual costs against their income -- they are swayed by advertising, packaging and marketing appeals. Let the buyer beware!
10. What does it mean when a company asks you to "remit the payment" by the due date?

Answer: Send them the money on time

"Remit" means to send. Billing is usually done in 30 day cycles. If you want to make sure you won't be charged a late fee, send the payment as soon as possible after receving the statement. And always send a check or money order with the account number written on it, never cash.
Source: Author duracell

This quiz was reviewed by FunTrivia editor LadyCaitriona before going online.
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