How are a credit score and credit report related?

A credit score is determined by the factors in your report

Saving accounts differ from checking accounts in that...

Money in a saving account can be used to fund a bank's loans

The price you pay for using someone else's money.

How can you build a positive credit history as a college student?

Become an authorized user on an adult's card

What is the benefit(s) of direct deposit?

You don't have to spend time and energy depositing a check.

The purpose of the Federal Deposit Insurance Corporation (FDIC) was to...

insure bank depoists of individual citizens

The best advice or managing credit card debt is to:

Pay off highest interest debts first.

Overdraft protection...

can keep you from overdrawing but charges a high fee.

What is the first step of the budgeting process?

List expenses in order of importance

What information can you find on a credit report?

Inquiries you've made on new lines of credit

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FL Final Exam S1-2024

30 termsStudBud Administration336 plays

Final exam for 1st semester financial literacy.

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Questions 30

Answers

1
How are a credit score and credit report related?
Credit reports are less important than your credit score
A credit report is determined by the factors in your score
They're not related at all
A credit score is determined by the factors in your report
2
Stocks always go up in price.
False
True
3
Where can you get a free copy of your credit report?
getmycreditreport.com
creditreport.gov
annualcreditreport.com
freecreditreport.com
4
Saving accounts differ from checking accounts in that...
Money in a saving account can be used to fund a bank's loans
Checking accounts offer higher interest rates
Saving accounts come with more fees than checking accounts
Saving accounts let you withdraw $ an unlimited # of times
5
What Influences your financial decisions?
The weather.
Your location.
Values, Needs, Wants
Your height.
6
Having a credit score of zero means...
You have no debt.
You have no rizz.
You are a scrub.
You are broke.
7
What is interest?
The price you pay for using someone else's money.
How much you like momney.
A way to buy on credit,
A place to nuy on credit.
8
How can you build a positive credit history as a college student?
Spend up to your credit limit each month
Get a credit card but don't use it to avoid more debt
Become an authorized user on an adult's card
Make only the minimum payment each month
9
How can you protect your checking account when using online and mobile banking?
Opt-out of alerts to notify you of unusual activity
Connect to a secure WiFi network
Share your pin # with only 1 person in case you forget it
Use a strong password
10
How much money is insured by the FDIC?
$150,000
$250,000
$1,000,000
$200,000,000
11
What is the benefit(s) of direct deposit?
You get a tax benefit from the Federal government.
The funds from your paycheck are available 3-5 days later
Any overdraft fees are waived.
You don't have to spend time and energy depositing a check.
12
When you use a credit card, you
buy now, pay later
pay interest on purchases.
pay in cash.
buy now, pay now
13
The purpose of the Federal Deposit Insurance Corporation (FDIC) was to...
inspect the financial transactions of important businesses
increase governmental control over the economy
insure bank depoists of individual citizens
ensure Americans in poverty had money when they retired
14
Two types of cryptocurrencies?
Bulldog Coin
Durant Coin
Bitcoin
DOGE Coin
15
A checking account is best used for...
Investing money
Placing money you earn
Storing money to spend
Saving money
16
Which answers qualify as needs for budgeting?
Food
Electricity
iPhone
Water
17
Your ___________________ _______________ helps determine whether or not you get credit.
Hourly wage.
Annual Salary
Credit Score
Years worked.
18
A federal law that prohibits discrimination in credit transactions?
Regulation X
Regulation Z
RESPA
Equal Credit Opportunity Act
19
Why is financial literacy important?
to understand how to build wealth.
to understand credit, risk amd money management.
All of the above.
to understand how to build wealth.
20
What is budgeting?
A financial plan
Financial management
Tracking income and expenditure
All of the above
21
Net worth is the same as
Cash
Income
Financial Position
Wealth
22
Under the law, you are allowed a free credit report anytime you want?
True
False
23
Credit cards are directly linked to your bank account.
True
False
24
Which of the following is a retirement vehicle?
401 k
YOLO
IRS
FBI
25
Which of the following are credit agencies?
Experian
TransUnion
Transfaxion
Equifax
26
The best advice or managing credit card debt is to:
File for bankruptcy.
Make only minimum monthly payments.
Stop all payments and hide from creditors.
Pay off highest interest debts first.
27
Overdraft protection...
is a service offered only for premium checking accounts.
is a fee-free service that prevents you from overdrawing.
can keep you from overdrawing but charges a high fee.
brings in a few hundred dollars each year to banks.
28
What is the first step of the budgeting process?
make changes to the budget if neccesary
write down an estimated cost
record income for the budgeted time
List expenses in order of importance
29
What information can you find on a credit report?
Your education level
Your parents' and siblings' contact information
Your medical insurance information
Inquiries you've made on new lines of credit
30
An excellent credit score is...
800-850
300-579
740-799

FL Final Exam S1-2024 Flashcards | StudBud