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