Personal Financial Literacy

Question 1

What are some disadvantages of debit cards?

Accepted Answer

Pay a fee if you spend more than what you have in the bank

Question 2

What are some ways to pay for college?

Accepted Answer

Work Study, Loans, Save your own money, Grants/Scholarships

Question 3

What are some disadvantages of credit cards?

Accepted Answer

easy to overspend, fees, can hurt your credit score if you make a late payment, have to pay interest on unpaid balance

Question 4

Which card borrows money that you have to pay back later with interest?

Accepted Answer

Credit Card

Question 5

Which of these ways to pay for college must be repaid?

Accepted Answer

Loans

Question 6

What are some advantages of credit cards?

Accepted Answer

great for emergency situations when you don't have cash, no interest charged if paid off on time, can build your credit score with good use, rewards points with some cards

Question 7

What kinds of things should you look at when choosing a bank account?

Accepted Answer

ATM Access, Minimum Balance Requirement, Interest, Monthly Fee

Question 8

What kinds of cards are used in place of cash to pay for things?

Accepted Answer

Credit Cards, Debit Card

Question 9

What are some advantages of debit cards?

Accepted Answer

Easy to keep track of what you spend., More convenient than cash., Can check balance at ATM., Can get cash out of ATM.

Question 10

Do you get your credit score on a credit report?

Accepted Answer

No

Question 11

Which card takes money directly out of your bank account?

Accepted Answer

Debit Card

Question 12

Who might use your credit score?

Accepted Answer

jobs, lending institutions, banks, landlords

Question 13

Which of these ways to pay for college do not have to be repaid?

Accepted Answer

Scholarships, Grants

Question 14

How many times a year can you request a credit report?

Accepted Answer

3

Question 15

How are credit scores used?

Accepted Answer

to approve a loan, to decide what interest rates to charge

Personal Financial Literacy

Questions 15

Personal Financial Literacy

Questions 15