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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Personal Financial Literacy Review College Credit Fraud
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
This is the only place you can get free credit report from all 3 Credit bureaus free of charge
www.annualcreditreport.com
www.creditsesame.com
www.creditkarma.com
www.freecreditreport.com
2
Which of the following can help you start establishing a positive credit history?
Applying for a loan
Opening a savings account
Getting a strong review from your boss
Getting good grades
3
In order to avoid identity theft, you should use caution when sharing which of the following
Your birthday
All of the above
Your credit card number
Your social security number
4
To increase your credit score you should only use
25% of your credit limit
75% of your credit limit
50% of your credit limit
80% of your credit limit
5
How is Gross Income different than Net Income?
Gross income money spent on bad stuff & Net income spent on good stuff
Gross income helps the government but Net income does not
Gross income is money earned before taxes and Net income is after taxes
6
What is tax paid by an employee called?
Income Tax
Sales Tax
Payroll Tax
Property Tax
7
An identity thief may want
To open a credit line in your name
To use your personal information for their own gain
All of the above
To steal your money
8
You can avoid accumulating large amounts of debt by
Paying your bills late
Limiting your borrowing
Increasing your expenses
Not paying you entire bill
9
How would you organize your debts in the debt snowball method?
Pay them all off at once
Throw snow at your paperwork
Largest debt to smallest debt
Smallest debt to largest debt
10
Define Charge Off: The debt you owe is sent to a collection agency after
180 days
90 days
150 days
120 days
11
FAFSA stands for which of the following?
Free Application for Federal Student Aid
Federal Allowance for Student Aid
Free Application for Federal Student Allowance
Federal Aid for Free Student Acceptance
12
A credit line is
Money that you owe your lender
Money you receive as a gift
Money you can borrow interest-free
Money a credit card company is willing to advance
13
What tax can be charged on things such as cars, houses, boats, or land?
Payroll Tax
Income Tax
Property Tax
Sales Tax
14
A high-tech scam that deceives consumers into disclosing their personal information is called
A shell game
Phishing
A pyramid scheme
Spamming
15
For how long does credit information typically stay on your credit report?
15 years
6 months
1 billing cycle
7 years
16
The following place may NOT run your credit report
military
apartment
family
job
17
What is the tax paid by employers called?
Income Tax
Property Tax
Payroll Tax
Sales Tax
18
If you are broke and file for Bankruptcy you may still have to pay this debt
auto loan
medical bills
mortgage
student loans
19
Define Delinquency:
Money you have set up payment arrangements with
Money you still owe and haven’t paid for
Money you make you monthly payments with
Money you are entitled to receive as a refund
20
Which of the following is NOT a type of fraud?
Sweepstakes
Auction
Identity
Travel
