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Financial Literacy Challenge 3 Flashcards | StudBud

Explore/Financial Literacy Challenge 3

Financial Literacy Challenge 3

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Questions 10

Answers

1
Educators is a...
Credit Union
Bank
School
Investment Firm
2
When we're talking about credit cards, what do the letters APR stand for?
Anticipated performance rate
Accelerated percentage rate
Average percentage rate
Annual percentage rate
3
Which one of the following steps would be the first in financial planning?
Start looking for a home to buy
Get a job so you can start earning money
Determine your needs and goals for the future
Save a portion of your money for the future
4
How much of your income should you spend on monthly housing expenses?
60
50
30
40
5
Will applying for a new credit card hurt your credit score?
Yes
Only if it's a major credit card; store cards don't count
No
Only if you actually get the card
6
Which of the following should you remember when developing a savings plan?
Have only high risk investments
Wait until you are 40 years old before savings
pay off your low interest debt first
Pay yourself first
7
Which of these accounts allows you to make unlimited withdrawals without a fee?
Money Market Account
401K
Certificate of Deposit
Checking Account
8
If your credit score dropped, what's the best way to improve your score?
Pay your bills on time
Cut up your credit cards
Cancel your credit cards
Hire a credit repair company
9
Which of the following items is not part of your credit report?
All of the above are part of your credit score
Your current credit card balance
Your income
Your payment history
10
If you want to improve your credit score, which step is the best to take?
Consolidate your debt on one balance-transfer credit card
Close old credit card accounts you no longer use
Don't do anything
Pay down your debt to at least 25 percent or less