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Financial Literacy Game 1 Flashcards | StudBud

Explore/Financial Literacy Game 1

What is a common financial mistake college students make?

Which of these is NOT a fixed expense?

Financial Literacy Game 1

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Questions 10

Answers

1
Which of these is NOT a fixed expense?
Rent
Utility Bill
Student Loan Payment
Car Insurance
2
What is a common financial mistake college students make?
Creating a budget
Using student discounts
Not applying for scholarships
Paying off credit cards in full
3
Using cash instead of a credit card can help you stay on budget.
False
True
4
What is the best was to avoid overdraft fees in your account?
Take out extra student loans
Spend more money than you have
Use a credit card for everything
Check your balance regularly
5
Creating a budget means that you cannot set aside money for fun activities.
False
True
6
What is considered a good credit score?
500-649
300 - 499
750 - 850
650 - 749
7
Which factor affects your credit score the most?
Length of credit history
Payment History
Number of credit cards
Types of credit accounts
8
What is the 50/30/30 rule?
50% savings, 30% needs, 20% wants
50% needs, 30% wants, 20% savings and debt payment
50% investments, 30% fun, 20% debt
50% wants, 30% savings, 20% needs
9
How much money should you aim to have in a emergency fund?
3-6 months of expenses
Put in at least $50 a year
$0 you don't need one
$500, no more no less
10
What is a simple way to start saving money in college?
Never buy textbooks
Track your spending and compare to your saving goals
Eat out every day
Use your credit card for everything