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Saving and Paying Down Debt Flashcards | StudBud
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Saving and Paying Down Debt
Saving and Paying Down Debt
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NCACPA Financial Literacy Making Cents Presentation 11/4/2016
Flashcards
25 cards
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Practice quiz
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Host live
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Questions
25
Answers
1
If you lose your credit card and somebody charges something on it, you are liable for
nothing financially but you can be arrested
all charges
nothing
$50 Maximum
2
What factors affect a credit score?
new debt
type of debt
all of them
duration of debt
3
Which is NOT a reason that credit card companies target students?
they will likely keep their first card for life
they will likely make minimum payments
they have lots of money
they will likely rack up balances
4
A cash advance begins charging interest
at the end of the month
immediately
not at all if you pay by the end of the month
it doesn't charge interest, it pays it
5
Using a credit card & paying off the balance every month is a good way to build a credit score
True
False
6
Advantages of a good credit score include
faster loan approval
lower down payments
all of the above
lower interest rates
7
Which of the following summarizes how the use of a credit card over cash can change behavior?
People spend less because they are earning credit ʺrewards.ʺ
Studies show that you spend more when using credit over cash
There is no change in spending behavior
Spending behavior does not matter
8
Which of the following cannot be done with a debit card but can be done with a credit card?
Purchase an airline ticket
Purchase something online
Go into debt
Rent a car
9
Practice Question 1--What city are you in?
Charleston
Baltimore
Raleigh
Charlotte
10
Almost ________% of Americans are living paycheck to paycheck
70%
80%
60%
50%
11
What is paycheck garnishment?
A legal procedure for dealing with debt problems
Selling the property of a homeowner who has fallen behind
Process of taking something back for failure to make payment
Allows a lender to take money directly from your check
12
Which of the following is not a concern for you if you always pay your credit card in full?
Grace period
Reward options
Credit Card Security Features
interest Rate
13
How much money will you lend me today?
$100
1000 dimes
400 quarters
2000 nickels
14
Practice Question 2--What building are we in?
Duke Energy
Bank of America
Wells Fargo
Piedmont Natural Gas
15
#1 reason for divorce in America is
in-laws
communication
children
finances
16
Credit card companies use this rate to entice new customers, but will soon increase it.
rack rate
introductory rate
standard rate
annual percentage rate
17
Borrower not being current on payments
surrender of collateral
delinquency
foreclosure
bankruptcy
18
What is debt?
The amount of money that you owe.
The maximum amount of money you can spend on that card.
The minimum amount of money you have to pay.
The amount of money that you have spent in that cycle.
19
Which of the following is not a good idea for getting out of debt?
Get a part-time job or work overtime
Quit borrowing money
Borrow money from your parents to pay for the debt
Sell something
20
______ will happily accept minimum monthly payments and allow you to carry your debt forever.
credit card companies
REALLY good friends
mortgage lenders
the devil
21
Something of value pledged for the repayment of a loan.
collateral
credit history
paradigm
lease
22
How much of your annual income should your vehicle cost?
35%
40%
25%
15%
23
The interest rate on borrowed money on an annual basis is known as...
ACT
ADT
APR
ARM
24
The 3 main credit bureaus are
Cash Advance, Experian, & TransUnion
Experian, Cash Advance, & Equifax
Experian, TransUnion, & Equifax
Experian, TransUnion, & Credit Plus
25
How can you boost your credit score?
Miss your payments.
Go over your credit limit.
Keep your balances low.
Pay your bills on time.
