What is a credit score?

A score that indicates a person's ability to repay their debt

Something that is owed or due, typically money

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Debt/Financial Literacy

15 termsStudBud Administration18 plays

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Questions 15

Answers

1
Who is your favorite member of our team?
Lisa
Choose the other one, the answer is Lisa
2
How much debt does the U.S. government owe? (as of Feb.2025)
None, other countries owe us money!
$36.22 Trillion
$400 Trillion
$36.22 Billion
3
What is/are the benefit(s) of having good credit?
Neither A nor B (Red and Blue)
Both A and B (Red and Blue)
Better interest rates on insurance
Look better for future employees
4
What is a credit score?
The number of points John Credit scored for the Lakers last night
A system that counts the number of credit cards you own. 1 card = 3 points
A score that indicates a person's ability to repay their debt
A score that shows how much money you have
5
Which of the following is a "good debt"?
Mortgage
High-Interest Rate Credit Cards
You bummed a smoke of your buddy, now you owe him double
Payday Loans
6
Given the 20/10 rule; what is the maximum amount a person should borrow is they make $100,000 per year?
$20,000
$1,000
$32,000
$50,000
7
Why should you pay off debts as quickly as you can?
None of the above
To counter potential inflation
Having debt creates stress and financial limitations
Both A and B (Red and Blue)
8
What is debt?
An item that loses value
Something that is owed or due, typically money
The money you spend of cigarettes
Property that has been paid off
9
True or False: The manner in which you pay off your debt affects your credit score?
False
True
10
Which of the following would be a good interest rate on a mortgage payment?
15%
22%
11%
5%
11
T/F: You should never borrow more than 20% of your annual income; and monthly payments should not exceed 10% of income?
False
True
12
Which of the following is an example of debt?
Mortgage
Student loans
Gambling losses owed to a bookie
All of the above
13
Which of the following credit scores would be considered bad? (scale of 300-850)
670
375
810
All of the above
14
True or False: It is better to have high interest rates on your debt obligations?
True
False
15
Which of the following is a good strategy to relieve debt?
Interest Rate Deductions
Consolidating Debt
All of the above
Repayment Plans

Debt/Financial Literacy Flashcards | StudBud

Debt/Financial Literacy

15 termsStudBud Administration18 plays

Imported from external platform

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Who is your favorite member of our team?
Lisa
Choose the other one, the answer is Lisa
2
How much debt does the U.S. government owe? (as of Feb.2025)
None, other countries owe us money!
$36.22 Trillion
$400 Trillion
$36.22 Billion
3
What is/are the benefit(s) of having good credit?
Neither A nor B (Red and Blue)
Both A and B (Red and Blue)
Better interest rates on insurance
Look better for future employees
4
What is a credit score?
The number of points John Credit scored for the Lakers last night
A system that counts the number of credit cards you own. 1 card = 3 points
A score that indicates a person's ability to repay their debt
A score that shows how much money you have
5
Which of the following is a "good debt"?
Mortgage
High-Interest Rate Credit Cards
You bummed a smoke of your buddy, now you owe him double
Payday Loans
6
Given the 20/10 rule; what is the maximum amount a person should borrow is they make $100,000 per year?
$20,000
$1,000
$32,000
$50,000
7
Why should you pay off debts as quickly as you can?
None of the above
To counter potential inflation
Having debt creates stress and financial limitations
Both A and B (Red and Blue)
8
What is debt?
An item that loses value
Something that is owed or due, typically money
The money you spend of cigarettes
Property that has been paid off
9
True or False: The manner in which you pay off your debt affects your credit score?
False
True
10
Which of the following would be a good interest rate on a mortgage payment?
15%
22%
11%
5%
11
T/F: You should never borrow more than 20% of your annual income; and monthly payments should not exceed 10% of income?
False
True
12
Which of the following is an example of debt?
Mortgage
Student loans
Gambling losses owed to a bookie
All of the above
13
Which of the following credit scores would be considered bad? (scale of 300-850)
670
375
810
All of the above
14
True or False: It is better to have high interest rates on your debt obligations?
True
False
15
Which of the following is a good strategy to relieve debt?
Interest Rate Deductions
Consolidating Debt
All of the above
Repayment Plans