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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Understanding credit
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is "credit"?
A checking account
A way to debit purchases directly from your checking account
The money I put into my savings account
A way for you to purchase something now and pay later
2
The higher your credit score, the more likely you are to...
get a good interest rate on a car loan.
get the apartment of your dreams.
get your dream job.
all of these things.
3
Understanding how money works is one way to define...
Bank statement
Pre-paid credit card
Financial literacy
Secured credit card
4
A question to ask before signing up for a credit card might be...
What is the annual percentage rate (APR)?
All of these are correct.
Is there an annual fee?
What is the charge for late fees?
5
The time period after you make a purchase until the day the company starts charging interest
high interest rate
grace period
secured card drawback
cash advance
6
When you sign up for a credit card you will get a lengthy document explaining things, it is the
terms of agreement
after math document
title
lease
7
Annual fee definition -
When credit cards may be used to get cash from ATMs
The percentage rate (APR) charged on purchases
When a credit card company charges you a fee each YEAR
a savings account that is connected to a credit card account
8
All of these are examples of types of credit except:
Credit Cards
Savings account
Car loan
College Loan
9
Both buyers and sellers are considered consumers.
False
True
10
All of these are also examples of credit except:
College loan
Car loan
Checking account
Home mortgage loan
11
Credit scores are based on certain criteria such as:
religion
payment history
all of the above
gender
12
It is probably not a big deal to have to pay late fees, it won't hurt my credit
True
False
13
Ms. S's credit score is 720, according to this graph, it is:(don't let the little man fool you)
good
poor
great
fair
14
Credit scores are based on certain criteria such as:
age
national origin
How much credit card debt you have
gender
15
When you cancel that credit card that you finally paid off, but you had some missed payments...
it will still show up on your credit report.
it will not show up in your credit report.
16
Credit scores range from _____ to _____.
375, 750
300, 850
400, 790
350, 800
17
Bankruptcy stays on your report for how many years?
2
7
6
5
18
Overspending and accumulating too much debt can ruin your credit score.
False
True
19
What do you think the word "debt" means?
Something, typically money, that is owed or due.
A type of credit card that is backed by a savings account
When you add (an amount of money) to an account
20
It is smart to overspend and accumulate a lot of debt on a credit card. You can pay it later.
False
True
