By your age you should be able to handle a little money in your pocket. Dollars and cents are nothing new to a teenager. Credit cards, on the other hand, are probably something you haven't used much or even at all.

I'm sure you've at least seen these handy pieces of plastic from a distance. Now we're going to get a bit closer, performing some exploratory surgery on these mysterious vessels of credit. I, the Plastic Surgeon, will be your host through a series of 10 questions testing your knowledge of credit and debit cards.

For each question you answer correctly, I'll add funds to your credit line. Every incorrect response will result in zilch. By the end of the quiz, you'll need at least $2,000 to pay my bill. Credit only, no cash.

Time is money, after all, and I charge a great deal of money for my time.

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Question 1:

A credit card will usually charge interest on the funds you have borrowed. The interest is determined by the card's APR, which is an acronym for:

Amortized Percentage Rate
Annual Percentage Rate
Accounting Percentage Rate
Approximate Percentage Rate

Click here for the answer to Question 1

Question 2:

A debit card looks like a credit card, but in most cases you aren't borrowing money. Where do your debit card funds most often come from?

A certificate of deposit
Your 401K, or a similar retirement fund
Your checking account
A home equity line of credit (HELOC)

Click here for the answer to Question 2

Question 3:

If Googolplex Credit Union issues you a VISA credit card, who is technically lending you money?

Googolplex Credit Union
VISA
Googolplex Credit Union and VISA together are lending you money
Neither Googolplex Credit Union or VISA are lending you money

Click here for the answer to Question 3

Question 4:

A finance charge is ...

A fee assessed to retrieve your credit report
The interest that has accumulated on your present credit card balance
The act of using your credit card to make a purchase
An annual fee that pays for the production of credit card plastic

Click here for the answer to Question 4

Question 5:

If you are late with a credit card payment, the credit card issuer may ...

Raise your interest rate
Charge you a late fee
Make note of it on your credit report
All of the above

Click here for the answer to Question 5

Question 6:

A credit card cash advance is ...

An early cash payment of your credit card balance
The act of overpaying your credit card to the point of having a negative balance
Making your credit card payment in person
Using a credit card to receive cash instead of using it to purchase something

Click here for the answer to Question 6

Question 7:

What is a "grace period?"

The period of time you can be late with your credit card payment without incurring a fee
The amount of time a card issuer can take to respond to your application request
The time period in which you can avoid all finance charges by paying your current balance in full
The brief moment you spend in prayer hoping your credit card won't be declined

Click here for the answer to Question 7

Question 8:

A "secured" credit card is ...

A card whose acceptance is guaranteed through its expiration date
A card whose credit limit is equal to an amount of money you've 'secured' with the issuer
A card that can be used for either credit or debit transactions
A card whose magnetic strip is enhanced with 128-bit encryption security

Click here for the answer to Question 8

Question 9:

You have a $1,000 worth of credit card debt, and elect to make the minimum monthly payment of 2% of your balance. The card interest rate is 18.0% APR. Assuming no new purchases or delinquent payments, how long will it take you to pay off your card?

Nearly two years
Nearly four years
Nearly eight years
Nearly 10 years

Click here for the answer to Question 9

Learn more about mysterious minimums at the Googolplex Minimum Payment Calculator. Click the calculators link under the heading 'More Stories About'

Question 10:

If a major credit card is used without your authorization, you're protected under federal law. What is the most you will typically be held liable for when someone uses your card without your consent?

$50 or less
$1,000 or less
Half of your credit limit
One-tenth of your credit limit

Click here for the answer to Question 10

THE SURGERY IS COMPLETE.
LET'S HEAD TO OUTPATIENT SERVICES TO PAY THAT BILL.

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The answer is "Annual Percentage Rate." All credit card issuers must quote their interest rate as an annual number. This helps to make rate comparison easier.

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The answer is "Your checking account." Debit cards act as electronic checks. Like checks, funds are withdrawn from your checking account.

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The answer is "Googolplex Credit Union." Googolplex Credit Union is lending money. VISA is lending their name, which allows you to use your credit card almost anywhere in the world.

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The answer is "The interest that has accumulated on your present credit card balance." Finance charges are the same thing as 'interest charges.'

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The answer is "All of the above." Being late can really come back to haunt you. Remember, however, that not all credit cards -- or credit card issuers -- are the same. Some issuers are more lenient than others.

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The answer is "Using a credit card to receive cash instead of using it to purchase something." If you need cash, you can use your credit card to quickly borrow some bucks. Cash advances can be expensive -- they are charged interest immediately and frequently come with extra fees.

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The answer is "The time period in which you can avoid all finance charges by paying your current balance in full." If you pay your balance in full, a grace period equates to a stretch of time ­ usually about a month ­ where you won't be charged interest on your balance.

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The answer is "A card whose credit limit is equal to an amount of money you've 'secured' with the issuer." A secured credit card is an extremely safe way to borrow, because you are borrowing against money you already have. If you deposit $1,000 with the issuer, you can borrow up to $1,000 on your secured credit card.

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The answer is "Nearly eight years." It would take nearly eight years, and cost you over $850 in interest! If you have a balance on your credit card, you should always try to make more than your minimum payment. You should also look to your credit union for a card with a rate better than 18% APR!

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The answer is "$50 or less." If you're the victim of unauthorized card use, the most you'll be responsible for is $50. Some card issuers won't even make you responsible for that.

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