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FINANCIAL LITERACY REVIEW Flashcards | StudBud
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FINANCIAL LITERACY REVIEW
FINANCIAL LITERACY REVIEW
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Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
The number of years you have had a credit card WILL NOT APPEAR ON YOUR CREDIT REPORT?
True
False
2
John likes that this method of payment allows him to take money out of ATMs, and receive cash back at various stores
DEBIT
CREDIT
3
Which statements about debit cards and credit cards are not true?
Amount spent on credit card depends on a customer’s credit limit.
When a credit card is used, money is borrowed
Interest is charged on debit card purchases.
DEBIT CARD money is drawn directly from a bank account.
4
The amount of money you plan to borrow next month WILL APPEAR ON YOUR CREDIT REPORT?
True
False
5
Itzelle likes that this method of payment allows her to build positive credit so she can purchase a home in the future.
DEBIT
CREDIT
6
Gavin dislikes that when he gets behind on his payments using this method of payment, he will be charged interest.
CREDIT
DEBIT
7
SELECT ANSWER FROM PREVIOUS SLIDE
$38,800
$388,000
$192.700
$1,927,000
8
Which information is NOT included in a credit report?
Previous employers
Number of credit cards
Late payments
High-School grades
9
Federal loan
Part-time employment to help pay for college expenses
Loan from government; only paid back when no longer IN college
Money given based on merit, usually academic or athletic
The amount of money you or parents have set aside for college
10
A credit report does not change.
True
False
11
Children are held responsible for parents credit history.
True
False
12
A credit report states whether or not a lender should allow you to borrow money.
False
True
13
Mike received financial aid. He just graduated & has to pay back the
amount of money he received plus any interest.
Grant
Student loan
Scholarship
Savings
14
Information about purchases I make with cash or my debit card appear on my credit report.
True
False
