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Financial Literacy - Credit and Scams Flashcards | StudBud
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Financial Literacy - Credit and Scams
Financial Literacy - Credit and Scams
18 terms
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Personal Financial Literacy Review College Credit Fraud
Flashcards
18 cards
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Questions
18
Answers
1
Which of the following can help you start establishing a positive credit history?
All of the Above
Opening a savings account
Applying for a loan
Getting good grades
2
Define Delinquency:
Money you still owe and haven’t paid for
Money you make you monthly payments with
Money you have set up payment arrangements with
Money you are entitled to receive as a refund
3
For how long does credit information typically stay on your credit report?
10 years
7 years
1 billing cycle
6 months
4
This is the only place you can get free credit report from all 3 Credit bureaus free of charge
www.creditsesame.com
www.freecreditreport.com
www.annualcreditreport.com
www.creditkarma.com
5
In order to avoid identity theft, you should use caution when sharing which of the following
Your social security number
All of the above
Your birthday
Your credit card number
6
Mark the correct answers: The following places may NOT run your credit report
family
military
apartment
job
7
To increase your credit score you should only use about
75% of your credit limit
50% of your credit limit
80% of your credit limit
25% of your credit limit
8
Most financial aid is awarded in the form of scholarships.
True
False
9
Definition of Charge Off: The debt you owe is sent to a collection agency after...
150 days
120 days
180 days
90 days
10
An identity thief may want
To open a credit line in your name
All of the above
To steal your money
To use your personal information for their own gain
11
School selection is key because selective schools:
All of the above
Produce a higher lifetime earning potential
Are more generous with financial aid
Provide better employment opportunities
12
A credit line is
Money you can borrow interest-free
Money you receive as a gift
Money that you owe your lender
Money a credit card company is willing to advance
13
If you are broke and file for Bankruptcy you will still have to pay this debt
auto loan
mortgage
student loans
medical bills
14
FAFSA stands for which of the following?
Federal Allowance for Student Aid
Free Application for Federal Student Aid
Free Application for Federal Student Allowance
Federal Aid for Free Student Acceptance
15
A high-tech scam that deceives consumers into disclosing their personal information is called
A shell game
A pyramid scheme
Phishing
Spamming
16
At expensive colleges and universities, 1/2 to 3/4 of the students receive financial assistance
False
True
17
Which of the following is NOT a type of fraud?
Auction
Identity
Sweepstakes
Travel
18
You can avoid accumulating large amounts of debt by
Limiting your borrowing
Paying your bills late
Not paying you entire bill
Increasing your expenses
