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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Review for CBA
Flashcards
21 cards
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Questions
21
Answers
1
All of these situations will HELP your credit score go up EXCEPT....
Making 3 late mortgage payments
Having over $100,000 in savings account
Working at the same job for 13 years
Making all car payments on time
2
Which type of financial aid allows you to borrow money & then pay it back later with interest?
Grant
Work-study program
Scholarship
Student Loan
3
Debit, credit, or both: Security is protected by customer's signature
both
debit
credit
4
Which of the following would not impact your credit score?
Bankruptcy
Late Payments
Debit transactions
Collection Accounts
5
Which card can you use in an ATM?
Debit
Credit
Both
Automatic Teller Machine
6
Which degree would provide the greatest earning potential?
Undergraduate
High School Diploma
Master's
Associate's
7
Debit, credit, or both: Requires a PIN
Both
Credit
Debit
8
Having a good credit score can ensure a low...
interest rate on your credit card
balance on your credit card
checking account balance
monthly payment
9
Debit, credit, or both: Interest charged on balance
credit
both
debit
10
A transfer from checking to savings would be _____________ to/from your balance
added
subtracted
11
What is the benefit of using a credit card?
No annual fees
Interest is charged monthly
Credit card companies offer rewards for using their cards
Funds immediately deducted from bank account
12
Which of the following is NOT included in a credit report?
Personal information
Loan amount
Credit card transactions
Debit card transactions
13
When completing your check register, DEPOSITS are ______________ to/from the balance.
Added
Subtracted
14
TJ was awarded $10,000 from the gov't for tuition costs. What type of financial aide is that?
work-study program
scholarship
grant
15
Which of the following can be used to deduct funds automatically from a checking account?
Bank Loan
Credit Card
Debit Card
Gift Card
16
What is a benefit of making purchases with just a debit card?
There are no interest payments on unpaid balances
Can make purchases without having money in your bank
Purchase will not be withdrawn from bank immediately
Banks never charge fees for debit card purchases
17
Kate is applying for a loan. Which best ensures she'll receive a low interest rate?
how much money she makes
a good credit score
a high balance on her credit card
her level of education
18
If you buy something at the mall, but then pay for it a week later. What method did you use?
Cash
Check
Credit Card
Debit Card
19
How long does negative information stay on your credit report?
7-10 years
7-10 months
7-10 days
7-10 hours
20
Money is subtracted from an account balance when you
All of the Above
Make a debit card purchase
Withdrawal money at an ATM
Write a check
21
All of these situations will LOWER your credit score EXCEPT....
Having multiple inquiries on a credit report in a short time
Making the minimum monthly payments on the due date
Filing Bankruptcy
Having many open accounts with balances nearly maxed out
