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Financial Literacy
Financial Literacy
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Personal Financial Literacy Review College Credit Fraud
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
You can avoid accumulating large amounts of debt by
Not paying you entire bill
Paying your bills late
Increasing your expenses
Limiting your borrowing
2
Which of the following is Not a type of fraud?
Auction
Sweepstakes
Travel
Identity
3
A credit line is
Money a credit card company is willing to advance
Money you receive as a gift
Money you can borrow interest-free
Money that you owe your lender
4
At expensive colleges and universities, 1/2 to 3/4 of the students receive financial assistance
True
False
5
In order to avoid identity theft, you should use caution when sharing which of the following
All of the above
Your birthday
Your social security number
Your credit card number
6
FAFSA stands for which of the following?
Free Application for Federal Student Aid
Federal Allowance for Student Aid
Federal Aid for Free Student Acceptance
Free Application for Federal Student Allowance
7
A high-tech scam that deceives consumers into disclosing their personal information is called
A shell game
Phishing
Spamming
A pyramid scheme
8
Define Delinquency:
Money you are entitled to receive as a refund
Money you have set up payment arrangements with
Money you make you monthly payments with
Money you still owe and haven’t paid for
9
This is the only place you can get free credit report from all 3 Credit bureaus free of charge
www.annualcreditreport.com
www.creditkarma.com
www.creditsesame.com
www.freecreditreport.com
10
If you are broke and file for Bankruptcy you may still have to pay this debt
medical bills
mortgage
auto loan
student loans
11
To increase your credit score you should only use
80% of your credit limit
25% of your credit limit
50% of your credit limit
75% of your credit limit
12
Define Charge Off: The debt you owe is sent to a collection agency after
120 days
180 days
90 days
150 days
13
A credit line is
Money you receive as a gift
Money you can borrow interest-free
Money that you owe your lender
14
This type of college is an institute that leads to a BS or a BA in MUSIC:
Conservatory
None of the above
Liberal Arts
Boarding School
15
Most financial aid is awarded in the form of scholarships.
True
False
16
An identity thief may want
To open a credit line in your name
All of the above
To steal your money
To use your personal information for their own gain
17
How often should you search/apply for scholarships?
1 per month
1 every other week
1 per week
1 per day
18
Mark the correct answers: The following places may NOT run your credit report
family
apartment
military
job
19
School selection is key because selective schools:
All of the above
Produce a higher lifetime earning potential
Provide better employment opportunities
Are more generous with financial aid
20
Which of the following can help you start establishing a positive credit history?
Getting a strong review from your boss
Applying for a loan
Opening a savings account
Getting good grades
21
For how long does credit information typically stay on your credit report?
1 billing cycle
15 years
6 months
7 years
