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