What is financial literacy?

financial management, budgeting, and invest

The ability to borrow money from the bank

is a plan for how to spend and save money

What is a financial goal for saving?

Emergency fund, vacation or travel

How many payments are typically needed before penalty APR can be removed?

At least 6 consecutive on-time payments

How soon should you check your credit prior to a major purchase?

6 months before making the purchase

Which factors are used to calculate credit score?

Payment history, credit utilization, new applications, credit age

Refers to withdrawal of money going out from your personal account

refer to money from a lender that the borrower agrees to repay

Which customer you rather have?

Customer that has money out and is ready to pay

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Financial literacy

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Questions 16

Answers

1
What is financial literacy?
Court Judments
Child support, Alimony
All the above
financial management, budgeting, and invest
2
What is credit?
All the above
The ability to open a checking account
The ability to open a saving account
The ability to borrow money from the bank
3
What’s the retirement plan that you get through your employer called?
401 (k)
All the above
Roth IRA
Social Security
4
What range is 770 - 850?
fair
poor
good
excellent
5
What is Budget?
Checkin account
is a plan for how to spend and save money
Students loans
Saving account
6
What is a financial goal for saving?
phone plan
Emergency fund, vacation or travel
clothing shopping
shoes
7
How many payments are typically needed before penalty APR can be removed?
6 on-time payments in a one-year period
Penalty APR can never be removed once applied
6 that are more than the minimum payment amount
At least 6 consecutive on-time payments
8
Which set of number do you need to know all your life?
House number
locker number
telephone number
Social Security number
9
How soon should you check your credit prior to a major purchase?
6 weeks before making the purchase
6 months before making the purchase
The day before making the purchase
1 year before making the purchase
10
What debts cannot be discharged by bankruptcy?
All the above
Child support / Alimony
Court judgments
Student loans
11
Which factors are used to calculate credit score?
Nice smile, winning attitude, promise to be more responsible
Amount owed, highest interest rate, number of cards, delinquencies, overage
Payment history, credit utilization, new applications, credit age
Gross income, number of cards, payment history, penalties, savings
12
What are the names of the three big credit bureaus in the U.S.?
Wells Fargo, TD, Bank of America
Visa, MasterCard, AMEX
Volcker, Greenspan, Bernake
Experian, Equifax, TransUnion
13
What is Debit
Refers to withdrawal of money going out from your credit account
Refers to withdrawal of money going out from your personal account
Refers to withdrawal of money going out from your loan account
All the Above
14
What is a Loan ?
Refers to a payment of money going out from your personal account
All the above
refer to money from a lender that the borrower agrees to repay
Refers to a payment of money going out from your credit account
15
What does APR stand for?
Applied percentage rate
Annual percentage rate
Acutely painful responsability
Annual penalty rate
16
Which customer you rather have?
Customer that doesn't have money and want to paid next time
Customer that has money out and is ready to pay
All the above
Customer that walks in and walks out the store

Financial literacy Flashcards | StudBud