There are many benefits to using a credit card; & negative. All of the following are benefits except:

Credit cards prevent bill collectors from contacting you

Students are at risk for financial scams. What can you do to protect yourself from this?

Seek guidance from reputable professionals

Warren Buffett, “Do not save what is left after spending; instead spend what is left after saving.” What does it mean?

Spend and save in equal amounts

What will happen if you do not pay off your credit card balance each month?

The credit card company will cancel your credit card

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Understanding Financial Literacy

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Questions 10

Answers

1
There are many benefits to using a credit card; & negative. All of the following are benefits except:
Credit cards allow you to build your credit score
Credit cards prevent bill collectors from contacting you
Credit cards offer a secure method of making purchases
Credit cards offer a convenient method of making purchases
2
Learning to manage your money is important because people with stronger finances:
Are healthier & happier
Have better cognitive functioning
Have a better marraige
All of the above
3
College financial aidis a good source of info for advice on all financial matters including taxes and investments.
True
False
4
Grants & scholarships are free money that can be used to pay college education. Which apply?
Civic groups
Financial aid office
Religious organizations
All of the above
5
Financial planning is a complex process and should only be done with the assistance of a professional.
True
False
6
Students are at risk for financial scams. What can you do to protect yourself from this?
Invest in cash value life insurance products
Give personal info to strangers offering to deposit money into your account
Seek guidance from reputable professionals
Use the same password for most accounts
7
It is best to have an emergency fund that covers three to six months’ worth of expenses.
False
True
8
Warren Buffett, “Do not save what is left after spending; instead spend what is left after saving.” What does it mean?
Save part of your money first before spending
Spend what you want and save the rest
Save part of your money first before spending
Spend and save in equal amounts
9
Student loans must be repaid while you are still in college.
False
True
10
What will happen if you do not pay off your credit card balance each month?
The credit card company will cancel your credit card
Bill collectors will repossess the items you purchased
Your parents will pay it for you
Pay daily interest on the entire amount from the day you made the purchase

Understanding Financial Literacy Flashcards | StudBud