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Financial Literacy
Financial Literacy
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Personal Financial Literacy Review College Credit Fraud
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
In order to avoid identity theft, you should use caution when sharing which of the following
Your birthday
All of the above
Your social security number
Your credit card number
2
A credit line is
Money a credit card company is willing to advance
Money you receive as a gift
Money you can borrow interest-free
Money that you owe your lender
3
Mark the correct answers: The following places may NOT run your credit report
job
family
military
apartment
4
A credit line is
Money you can borrow interest-free
Money you receive as a gift
Money that you owe your lender
5
To increase your credit score you should only use
25% of your credit limit
80% of your credit limit
75% of your credit limit
50% of your credit limit
6
If you are broke and file for Bankruptcy you may still have to pay this debt
student loans
medical bills
auto loan
mortgage
7
Which of the following can help you start establishing a positive credit history?
Applying for a loan
Opening a savings account
Getting good grades
Getting a strong review from your boss
8
At expensive colleges and universities, 1/2 to 3/4 of the students receive financial assistance
True
False
9
This is the only place you can get free credit report from all 3 Credit bureaus free of charge
www.freecreditreport.com
www.annualcreditreport.com
www.creditkarma.com
www.creditsesame.com
10
An identity thief may want
All of the above
To steal your money
To use your personal information for their own gain
To open a credit line in your name
11
Define Charge Off: The debt you owe is sent to a collection agency after
90 days
150 days
120 days
180 days
12
A high-tech scam that deceives consumers into disclosing their personal information is called
A pyramid scheme
Phishing
Spamming
A shell game
13
You can avoid accumulating large amounts of debt by
Paying your bills late
Limiting your borrowing
Increasing your expenses
Not paying you entire bill
14
How often should you search/apply for scholarships?
1 every other week
1 per week
1 per day
1 per month
15
FAFSA stands for which of the following?
Free Application for Federal Student Allowance
Federal Aid for Free Student Acceptance
Free Application for Federal Student Aid
Federal Allowance for Student Aid
16
For how long does credit information typically stay on your credit report?
7 years
6 months
1 billing cycle
15 years
17
Most financial aid is awarded in the form of scholarships.
False
True
18
Define Delinquency:
Money you have set up payment arrangements with
Money you are entitled to receive as a refund
Money you still owe and haven’t paid for
Money you make you monthly payments with
19
This type of college is an institute that leads to a BS or a BA in MUSIC:
None of the above
Boarding School
Liberal Arts
Conservatory
20
Which of the following is Not a type of fraud?
Sweepstakes
Travel
Auction
Identity
21
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
