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Week 8 Financial Literacy Flashcards | StudBud
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Week 8 Financial Literacy
Week 8 Financial Literacy
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Questions
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Answers
1
Subsidized loans are need-based. Unsubsidized loans are not.
False
True
2
Which of the following is NOT a way to pay for college that we discussed?
scholarships
work-study
savings
rob the Tooth Fairy
3
You should open up your first credit card under your parents?
True
False
4
Why is financial literacy so important?
It means you can understand money
It will make you rich
It isn't
It affects your future and financial well-being
5
Which one of these is a WANT?
The PS5
Gas money
Money for rent
Grocery shopping
6
Do you need to pay taxes? Why or why not?
No, the government doesn't care
No, not if I'm not wealthy
Yes, or the government will ARREST YOU
Yes, it's fun to pay taxes
7
What is NOT true about student loans?
They will be dropped after a period of 25 years
It will not be dropped unless there is proved hardship
When you pass away, debts transfer to your family
They can be forgiven if you are employed in certain fields
8
______________ allow you to pay for items in installments over time.
Bahama Bucks
credit cards
interest rates
debit cards
9
How can you improve your FICO credit score?
Don't pay on time
Open a card by yourself
Only have one credit card
Never miss a payment
10
Colton bought toilet paper with his debit card. That money gets pulled from his ________.
checking account
couch cushions
savings account
credit history
11
What is the best FICO credit score range?
457-590
800-850
670-759
300-579
12
Why is it important to have a good FICO score?
The IRS will give you money
It's not
It will allow you to buy cars and houses
The government won't tax you
13
What is NOT a tip to pay off debt faster?
Avoid impulse spending
Create a spending plan
Track your expenses
Save up all money for one big payment
