Which of the following will cause your credit score to decrease?

2 months late on your mortgage payment

What are the advantages of using a credit card over a debit card to pay for a purchase?

using a credit card responsibly builds good credit history

a withdrawl from a checking account

Which of the following can hurt your credit rating/ credit score?

making late payments on loans and debts

A document that one must complete before starting a job

Which statement best describes purchases made with a debit card?

purchases made are withdrawn directly from a bank account

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Financial Literacy Review

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Questions 22

Answers

1
What a person earns before taxes are taken out
gross salary
income
net salary
salary
2
What percent of your monthly net income should a car not exceed?
12%
50%
20%
5%
3
How do you convert inches to feet
Divide by 12
Divide by 3
Multiply by 3
Multiply by 12
4
What information is not listed in your credit report?
identity information
loan information
favorite hobbies
balances on credit cards
5
What does "t" represent in I=Prt?
time in months
time in weeks
time in days
time in years
6
When do you want a higher interest rate?
when you are borrowing money for a car
on your credit card
when you invest your money
7
What is the range of credit scores?
1-10
300-850
0-100
200-800
8
What does it mean to endorse a check?
to sign the back of the check
to deposit the check
to write a check
9
What is a subtotal?
the price before taxes
the price after taxes
10
A loan to buy a house
Student loan
Credit loan
Installment loan
Mortgage
11
How do you find the area of a raectangle?
Add up all the sides
length x width / 2
length x width
Multiply all the sides
12
How do you calculate sale tax?
divide by 8.625
multiply by .08625
divide by .08625
multiply by 8.625
13
When you have a high credit score, which of the following will occur?
speed up credit approvals
receive better credit card offers
all of the above
receive better auto loans
14
Which of the following will cause your credit score to decrease?
getting a raise from your employer
paying the balance on your car loan
2 months late on your mortgage payment
paying cash for your new oven
15
How many bi-weekly pay checks are in a year?
12
360
52
26
16
What are the advantages of using a credit card over a debit card to pay for a purchase?
using a credit card responsibly builds good credit history
using a credit card is easier than using a debit card
using a credit card is less expensive
Using a credit card is never a advantage over using a debit
17
Peter wants to buy a car. He was given a low interest rate loan. What is his credit score?
400
560
790
450
18
What is a debit?
a deposit to a checking account
a withdrawl from a checking account
19
Which of the following can hurt your credit rating/ credit score?
Staying in one job too long
Living in the same location too long
Using your credit card frequently for purchases
making late payments on loans and debts
20
What is a W4?
A document that one must complete before financing a car
A document that one must complete before leasing a car
A document that one must complete before starting a job
A document you must complete when opening a checking account
21
Which statement best describes purchases made with a debit card?
purchases made on this card can be payed over time
purchases made are withdrawn directly from a bank account
purchases made with this card are subject to interest
purchases made with this card are subject to a credit limit
22
How does interest change when the term of the loan increases
It decreases
It increases
It stays the same

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