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Finite 2nd Semester Final Review Flashcards | StudBud
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Finite 2nd Semester Final Review
Finite 2nd Semester Final Review
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Flashcards
30 cards
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Questions
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Answers
1
Who tracks all of your credit information?
Federal government
Equifax, Experian, and TransUnion
Lenders
Consumer Financial Protection Board
2
What are the two most important factors in calculating your credit score?
Amounts owed and length of credit
Payment history and amounts owed
Payment history and type of account
Length of credit history and new credit inquires
3
Which government run website allows you to download your credit report free annually?
getcreditreportshere.com
creditkarma.com
freecreditreport.com
annualcreditreport.com
4
Which is a method for spending money out of your checking account?
writing a check for a purchase
signing up for direct deposit from your employer
withdrawing money from the ATM using your credit card
using a money order
5
Which of the following would NOT appear on a credit report?
Salary of your current job
Payment history of your car loan
student loan activity
credit card payment history
6
The Equal Credit Opportunity Act says lenders can charge you a higher interest rate because of
your age
your marital status
your credit score
% of your income that come from social security payments
7
Which would represent a withdrawal on your bank statement
a debit card purchase for concert tickets
a person to person payment for lunch
direct deposit of paycheck
credit for a shirt you returned to the mall
8
In order to qualify for financial aid, prospective college students must file their _____________.
Parent's credit score
PSAT, SAT, or ACT scores
FAFSA
Financial aid letter
9
You forget to pay your credit card bill 1 month, that will show on your credit report how long?
Seven years
Ten years
One year
Until I make the payment
10
When deciding which college has the lowest cost of attendance, which is the most important to consider?
Room & board
FAFSA
Sticker price
Net price
11
How should you establish a credit history?
ask parents to cosign a credit card
take out private student loans you don't need
be added as an authorized user on parents credit card
always say "credit" instead of debit at the store when payin
12
net pay = gross pay - taxes
False
True
13
Which deduction is least likely to come out of a high schoolers paycheck
health insurance premium
federal taxes
state taxes
medicare & social security tax
14
You have a credit card and need to boost your credit score, which will have the GREATEST impact
making the minimum payment required every month
put the card in a drawer and never use it
always carrying a balance month to month
Not using more than 30% of credit limit & pay full balance
15
Which form tells your employer how much tax to withhold from each paycheck?
1040
1099
w-4
w-2
16
Which best describes the Debt Snowball method for paying off debt?
Neither A, not B
Make the minimum monthly payment on all debts
Both A & B
Put extra cash toward your debts with the lowest balance
17
Which is a potential consequence of neglecting to pay your credit card or loan debts?
Wages or tax refunds can be garnished
Lender can file bankruptcy on your behalf
Collection agencies being visiting your family and friends
Lose your job
18
If you find an error on your credit report regarding your credit card, you should?
Contact the credit card company to have them fix it
Contact the credit reporting agency
Call the police to report possible identity theft
Wait a few weeks to see if it gets resolved
19
If a company calls and tells you your credit card has been used fraudulently you should....
hang up and call the number on the back of your credit card
enter your card number for more info
follow all of their instructions
push 0 to speak to an operator
20
What is the relationship between a credit score and credit report?
There is no relationship
Credit reports are less important than your credit score
Info in your credit report is used to calculate your score
Credit scores updated annually, credit report undated weekly
21
Which will result in paying no interest to the credit card company?
paying your entire balance every month by the due date
paying the credit card in full at the end of calendar year
paying the minimum payment every billing cycle
only using your credit card for purchases not ATM withdrawal
22
Which should you use when creating a budget - your NET PAY or GROSS PAY?
Net pay, because it’s what is reported to the government by your employer.
Gross pay, because it’s the total amount earned - bills for the month.
Gross pay, because it’s the total amount you’ve earned that month.
Net pay, because it’s the total amount earned - taxes and other deductions.
23
What is the best way to improve your credit score?
check your credit score
cancel all credit cards
make on-time payments
get a car loan
24
Gross pay is the amount you earn before taxes are taken out.
False
True
25
What is the best advise to prevent identity theft?
Be careful with your credit/bank account numbers
create good passwords
beware of phishing emails
all of the above
26
Which of the following could have a negative impact on your credit score?
applying for multiple credit cards in a week
paying down balances on your credit card accounts
paying your bills on-time
decreasing your utilization of credit
27
Sylvester is taking out a loan and is confused by the jargon. Which of the following explanations might help him?
INTEREST RATE is what the lender charges per year
MONTHLY PAYMENT is how much interest each month
TERM is how much total money he will pay
PRINCIPAL is how much he owes per month
28
If you cannot repay all your debts, you should
hire a bankruptcy lawyer
work with a debt settlement company
sign up for the Fair Debt Collection Act
meet with a certified credit counselor
29
Which group is NOT likely to be interested in looking at your credit score?
credit card companies
online savings account
employers
auto insurers
30
Which is true about FAFSA?
you should file regardless of what your plans, just in case
don't file unless you are sure you are attending college
it is expensive to file your FAFSA
you cannot file unless you have an acceptance letter
