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Financial Literacy Flashcards | StudBud

Explore/Financial Literacy

Financial Literacy

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Questions 12

Answers

1
What is interest?
The Amount Of Money You Get Back At The End Of The Year
The Curiosity Of Knowing Something
The Charge For The Privilege Of Borrowing Money
Taxes That Are Paid By People 21 And Over
2
What is credit?
Allows You To Purchase Now And Pay Back Later
Allows You To Buy Anything You Want. Free Money!
Allows You To Stress Out
Allows You To Make Purchases Using Your Checking Account
3
Who can write a cheque?
An accountant only
A person who has a chequing account
A person who has a savings account
My Teacher
4
What are some disadvantages of having a debit card?
Can Ruin Credit History
Increases Interest Rate
There Are No Disadvantages To Having A Debit Card
Must Actively Monitor
5
how many people can you have on checking account
2 people
3 or 4
No one
Only one
6
What are some advantages to having a credit card?
Easily Obtainable
Helps Build Credit
Offers More Protection Than A Debit Card
Easy To Carry Around
7
True or false. cash can be a form debit
True
False
8
What are some advantages to having a debit card?
Easily Accessible
Limited amount of money from the bank
having free money from the bank
Helps Build Credit
9
What are some disadvantages of having a credit card?
it can damage credit history if you don't pay it back or pay on schedule
you have to pay it back
having a card is easy to lose
spending is limited
10
What is needed in order to obtain a credit card?
Full Name
Social Security Number
Date Of Birth
Need To Be 18 Years Or Older
11
What is Debit?
A Card
Any Form Of Payment
Your Money
Someone else's bank
12
E-Transfer refers to...
Electronic Money Trasfer
Easy Toonies
Entertaining Money
Easy Fast Money