What is a benefit of making purchases with just a debit card?

There are no interest payments on unpaid balances

All of these situations will HURT your credit score EXCEPT....

Making only the minimum monthly payments on the due date

What is the benefit of using a credit card?

Statements provide a clear record of expenses

All of these situations will HELP your credit score go up EXCEPT....

Making 3 late mortgage payments

All of these are GOOD reasons to have a positive credit history EXCEPT....

Colleges can decline enrollment based on your credit history

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Financial Literacy in 6th Grade Math

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Pre-assessment of the 6th Grade Financial Literacy TEKS.

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Questions 15

Answers

1
Which of the following is NOT considered financial aid offered by completing a FAFSA?
Work study
Scholarships
Student Loans
Grants
2
Who guarantees your bank deposits up to $250,000?
ATM
FAFSA
FDIC
My Bank
3
What is a benefit of making purchases with just a debit card?
Can make purchases without having money in your bank
There are no interest payments on unpaid balances
Purchase will not be withdrawn from bank immediately
Banks never charge fees for debit card purchases
4
Which of the following does NOT show up on a credit report for 7 years?
A Personal Inquiry
Bankruptcy
Collection Accounts
Late Payments
5
All of these situations will HURT your credit score EXCEPT....
Having multiple inquiries on a credit report in a short time
Making only the minimum monthly payments on the due date
Having multiple addresses listed in personal information
Having many open accounts with balances nearly maxed out
6
What is an ATM?
Accessible Teller Money
Automatic Teller Machine
Anytime Teller Machine
Anywhere Tender Mechanism
7
If you buy something at the mall, but then pay for it a week later. What method did you use?
Cash
Credit Card
Check
Debit Card
8
A PIN is used to...
All of the above
Access private financial information
Complete a banking transaction
Secure your debit card purchases
9
Money is subtracted from a bank account through a(n)
ATM Withdrawal
Writing a Check
All of the Above
Debit Card Purchase
10
What is the benefit of using a credit card?
Statements provide a clear record of expenses
Funds immediately deducted from bank account
No annual fees
Interest is added to unpaid monthly balances
11
All of these situations will HELP your credit score go up EXCEPT....
Having over $100,000 in savings account
Working at the same job for 13 years
Making all car payments on time
Making 3 late mortgage payments
12
Which of the following can be used to deduct funds automatically from a checking account?
Credit Card
Gift Card
Debit Card
Bank Loan
13
All of these are examples of college degrees EXCEPT...
Bachelors
GED
Masters
Doctorate
14
A check/debit card transaction in an amount over the total on deposit in a bank account is a(n)
Withdrawal
Deposit
Debit
Overdraft
15
All of these are GOOD reasons to have a positive credit history EXCEPT....
Colleges can decline enrollment based on your credit history
Employers may offer a job based on your credit history
Utility company can decline service on your credit history
Apartments can decline based on your credit history

Financial Literacy in 6th Grade Math Flashcards | StudBud