Which of the following is TRUE about a credit report?

You can get a copy of your credit report for free

Which statement is true about debit and credit cards?

Debit cards withdraw money directly from a bank account; credit cards don't

Federal Reserve Act of 1913 created a central banking system with the responsibility of —

Regulating of monetary policy in the U.S.

What information can you find on a credit report?

Inquiries you've made on new lines of credit

How are credit cards and debit cards different?

A credit card can offer perks such as purchase protection

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Friday personal finance

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Questions 19

Answers

1
Which of the following is TRUE about a credit report?
It is a complete history of one type of credit you have
You can get a copy of your credit report for free
Credit reports are maintained by the 5 main credit bureaus
You can get a credit report only when you're 21 years old
2
Which statement is true about debit and credit cards?
Debit cards withdraw money directly from a bank account; credit cards don't
More businesses accept credit cards than debit cards
You get a monthly statement for a credit card, but not for a debit card
Credit cards withdraw money directly from a bank account; debit cards don't
3
The main advantage of a secured credit card is:
Improving credit score
Reduced annual fees
Earning cashback rewards
High spending limits
4
When is the 1st day of spring?
today
yesterday
5
Sleeping, eating, and personal finances are all basic needs
False
True
6
Personal finance is 20% head knowledge about money. What‘s the other 80%?
Cash in the bank
Behavior
Relationships
Experience
7
Benefits of credit cards are:
Credit cards can build an individuals credit score, which has benefits.
Some credit cards allow you to earn rewards when you use them
Convenience to pay in-store, online or on a mobile phone
All of the above are benefits.
8
All of the following may access your credit report EXCEPT...
Colleges and universities
A landlord
Insurance companies
A future employer
9
Establishing credit early can help with:
Quick loan approvals
Getting better interest rates
Avoiding yearly credit checks
Higher credit card limits
10
To help u manage your finances well u will need to determine how much capital u need to operate
two years
one week
six months
six years
11
An entrepreneur must also understand economics, finance, marketing and management concepts.
Communications Skills
Problem Solving Skills
Math Skills
Basic Business Skills
12
Who was the first president of the United States?
George Washington
Abraham Lincoln
Thomas Jefferson
John Adams
13
Personal finance is about ____ behavior.
80%
20%
75%
25%
14
Federal Reserve Act of 1913 created a central banking system with the responsibility of —
Managing of interstate commerce
Regulating of monetary policy in the U.S.
Collecting of federal income taxes
Enforcing of the Sherman Anti-trust legislation
15
What information can you find on a credit report?
Your medical insurance information
Your parents' and siblings' contact information
Your education level
Inquiries you've made on new lines of credit
16
_____ means having the knowledge and skills to manage your personal finances.
Financial literacy
Interest
Personal finance
Liability
17
How are credit cards and debit cards different?
A credit card can offer perks such as purchase protection
They're both linked to a checking account in different ways
Some debit cards say VISA on them; credit cards don't
With a credit card, you are borrowing from yourself
18
How long does bankruptcy typically remain on a credit report?
Indefinitely
3-5 years
7-10 years
12-15 years
19
Which of the following resulted from the banking reforms indicated by the Great Depression?
Federal Reserve Act
National Bank Act
Second Bank of the United States
Glass-Steagall Act

Friday personal finance Flashcards | StudBud