Financial Literacy Review (6th Grade)

Question 1

When you use a _________, the money is deducted from your checking account.

Accepted Answer

Debit Card

Question 2

What is most likely to give you a poor credit score?

Accepted Answer

Late Payments, Large amount of debt

Question 3

Which of these needs to be paid back?

Accepted Answer

Student Loan

Question 4

Which is most likely to give you a good credit score?

Accepted Answer

On-time payments, Low amount of debt

Question 5

Which action is least likely to earn you a scholarship?

Accepted Answer

Failing grades

Question 6

When you use a __________, you pay for purchases later.

Accepted Answer

Credit Card

Question 7

Which of the following can have a negative effect on your credit score?

Accepted Answer

lots of debt

Question 8

At what age is it best to start saving money?

Accepted Answer

as soon as possible, NOW!

Question 9

Banks use your ____________ to decide whether to loan you money

Accepted Answer

Credit Score

Question 10

Lenders are typically banks, credit unions, and other financial institutions.

Accepted Answer

True

Question 11

What is a similarity between debit and credit cards?

Accepted Answer

Both are small and made of plastic

Question 12

A good credit score is.....

Accepted Answer

a high score like 750

Question 13

A grant is...

Accepted Answer

money awarded to students with financial need

Question 14

Money for college that has been borrowed and must be repaid is called a....

Accepted Answer

Student Loan

Question 15

When you borrow money from a bank, where does the bank get the money that they lend to you?

Accepted Answer

other bank customers' deposits

Question 16

Which of these options can lower the cost of a college education?

Accepted Answer

Grants

Question 17

Using a credit card will take money out of your checking account.

Accepted Answer

False

Question 18

Which of these options WILL NOT subtract money from an account?

Accepted Answer

Deposit

Question 19

A ___________ includes information about how well you manage money.

Accepted Answer

Credit history

Question 20

An interest-bearing account used for saving money is a.....

Accepted Answer

savings account

Question 21

Banks or other companies that you owe money to are referred to as your creditors.

Accepted Answer

True

Questions 21