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Financial Literacy (HS) Flashcards | StudBud
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Financial Literacy (HS)
Financial Literacy (HS)
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1
What is a negative impact on your credit score?
None of the above.
Making late payments on loans or credit cards.
Using more than 50% of your available credit limit.
A & C.
2
How many major credit bureaus are there in the United States?
4
2
3
1
3
Under Federal Law you are entitled to a free credit report every 12 months from each reporting agency.
True
False
4
What is a Credit Report?
A report on your monthly income.
A summary of your bank transactions.
A list of your recent purchases.
A detailed record of your credit history.
5
What are Hard Inquiries on your Credit Report?
Requests for credit limit increases.
Anytime you apply for a loan (1 year).
Inquiries made by employers when conducting background checks.
Routine checks performed by credit bureaus.
6
Which of the following is NOT a factor that affects your credit score?
Length of Credit History.
Payment History.
Types of Credit used.
Level of Education.
7
What should you do if you suspect you're a victim of identity theft?
Contact the credit bureaus and report it.
Close all your bank accounts.
Nothing, it will resolve on its own.
Keep it a secret from everyone.
8
What information does a credit report typically include?
Your monthly expenses
A and C.
Your employment history
Your social security number
9
What is the main purpose of a certificate of deposit (CD)?
Immediate access to cash.
Emergency fund.
Long-term savings.
Daily transactions.
10
What is the lowest number you can have on your Credit Score?
400
350
300
0
11
What should consider when shopping for a credit card?
How popular it is on TikTok.
Whether it has cool rewards program.
Annual fees and interest rates.
The brand of the card.
12
How often should you review your credit report?
Only when applying for a loan.
Every five years.
Once a year.
Never, not that important.
13
What are the three main credit bureaus companies?
Credit Karma, Equifax, and Experian.
Equifax, Experian, and TransUnion.
Bank of America, Wells Fargo, and Chase.
Visa, Mastercard, and American Express.
14
Which of the following is a potential consequence of identity theft?
Higher savings rates.
Lower interest rates.
Unauthorized charges on your credit card.
Improved Credit Score.
15
Which of the following is NOT a benefit of having a checking account?
Earns high interest rates.
Can be used to pay bills online.
Easy access to funds.
Convenient for everyday transactions.
16
How long does Satisfied Judgements (PAID) remain on your profile from filing date?
1 year.
6 months.
6 years.
10 years.
17
Which of the following is a Public Record that can appear on your Credit Report?
Employment History
Bankruptcy
Medical History
Social Security Number
18
Which type of card is linked directly to your bank account and deducts purchases immediately?
Debit Card.
Gift Card.
Prepaid Card.
Credit Card.
19
What type of account typically offers the lowest interest rates?
Certificate of Deposit (CD).
Checking account.
High-yield savings account.
Traditional Savings Account.
20
Which of the following is a characteristic of a debit card?
It deducts funds directly from your bank account.
It requires a credit check to obtain.
It allows you to borrow money up to a certain limit.
It is not linked to your bank account.
21
You want to make monthly payment for your car loan. Which account should you use so payment is deducted automatically?
Checking
Certificate of Deposits
Traditional Savings
High-Yield Savings Account
22
What does to Finance something mean?
To pay in installments.
None of the above.
I don't know.
Finance is a major.
23
What is a credit score used for?
Evaluating your creditworthiness.
Reporting Identity theft.
Tracking your spending habits.
Determining how much money you have in your bank account.
24
What is the purpose of having a high-yield savings account?
To build credit history.
To earn higher interest rates.
To avoid overdraft fees.
To access funds quickly.
25
What percentage of your FICO credit score is based on your payment history?
25%
50%
35%
10%
