Financial Literacy Review

An individual's total personal income before taking taxes or deductions into account.

An example of a fixed expense.

Which savings account will earn you the most money?

T/F When you turn 18 you start out with a credit score of 850

A form a bank provides when putting money into your account.

If you don't have a job what type of loan can you get?

When you turn 18 what does your credit score start as?

T/F It is easier to change your variable expenses than your flexible expenses

A _____ is generally considered an appreciating asset because it will _____ in value over time.

If you have 5% interest rate, how long will it take you to double your money?

A spending plan that you decide upon.

Mutual Fund is _________.

Identity thieves can use your personal information to:

Sophia saves $50 every 4 weeks for her college fund. How much does Sophia save in 1 year? (hint: 52 weeks in a year)

T/F If you have a credit score of 450, it is easy to get a loan

If you get 3% interest how many years will it take you to double your money? (Hint use the rule we talked about)

What is the most common bill that comes out of an ATM machine?

If it takes 6 years to double your money, what is the rate of return? (Hint use the rule)

Which of the following is a unique feature of credit unions?

T/F Savings accounts keep your money safe and pay interest.

This helps you prepare for unexpected expenses.

One reason to buy a home instead of rent a home is

Which of the following account will give you the least access to your money?

Which of the following can increase your credit cards APR?

This occurs when money is withdrawn and the available balance goes below zero.

What is the lowest credit score?

A stock is _________.

The annual percentage rate on a credit card determines _______.

What is a mortgage?

What typically earns more interest, a savings account or a CD?

What is the average credit score?

Which of the following is NOT one of the responsibilities of the Federal Reserve?

Insurance can help you:

All of the terms and conditions of a credit card account are outlined in what's called a _______________.

What is the best strategy for avoiding ATM fees?

Which of the following statements about check cashing companies is TRUE?

T/F Checks are usually safer than cash and may be used to pay bills in the mail.

T/F If you don't have a job, you cannot get a loan for college.

All of the following make up the big three credit reporting agencies EXCEPT:

T/F There is never a fee on your checking account.