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SSG: Pop-Quiz Financial Literacy Flashcards | StudBud

Explore/SSG: Pop-Quiz Financial Literacy

If you use a credit card and don’t pay the full balance by the due date, what happens?

If you sign an NIL deal and receive $50,000 in payments, what financial responsibility do you have?

SSG: Pop-Quiz Financial Literacy

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Answers

1
If you sign an NIL deal and receive $50,000 in payments, what financial responsibility do you have?
NIL payments are tax-free if spent on athletic expenses.
You must report it as taxable income, possibly make estimated tax payments.
No responsibility—your school handles taxes for you.
You only pay taxes if you deposit the money into a bank account.
2
If you use a credit card and don’t pay the full balance by the due date, what happens?
The unpaid balance disappears after one month
Your credit score increases
Your bank lowers your credit limit automatically
You get charged interest on the remaining balance
3
Name two digital tools or apps that can help you create and track a budget.
Google
Mint
Tik Tok
Spotify
4
Legitimate financial institutions and NIL deal partners will ask for your SSN or bank login details via text and email.
True
False
5
What is the main difference between a checking account and a high-yield savings account?
A savings account is better for long-term growth because it earns interest.
A savings account allows unlimited transactions per month.
A checking account earns more interest over time.
A checking account helps you invest in stocks directly.
6
What factor has the biggest impact on your credit score?
The number of credit cards you own.
Your payment history and whether you pay bills on time.
Your annual salary.
How often you check your credit score.