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Financial Literacy Flashcards | StudBud

Explore/Financial Literacy

Financial Literacy

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Questions 12

Answers

1
What is interest?
The Charge For The Privilege Of Borrowing Money
The Amount Of Money You Get Back At The End Of The Year
Taxes That Are Paid By People 21 And Over
The Curiosity Of Knowing Something
2
What are some disadvantages of having a credit card?
spending is limited
it can damage credit history
you have to pay it back
having a card is easy to lose
3
What is needed in order to obtain a debit card?
Must 18 Years Or Older
Requires A Savings Account
No Account Is Necessary For A Debit Card
have to be 16 years or older
4
What are some advantages to having a debit card?
having free money from the bank
Easily Accessible
Limited amount of money from the bank
Helps Build Credit
5
True or false. you can have a debit card from your savings account.
False
True
6
What is needed in order to obtain a credit card?
Need To Be 18 Years Or Older
Social Security Number
Date Of Birth
Full Name
7
True or false. cash can be a form debit
False
True
8
What is credit?
Allows You To Stress Out
Allows You To Buy Anything You Want. Free Money!
Allows You To Purchase Now And Pay Back Later
Allows You To Make Purchases Using Your Checking Account
9
how many people can you have on checking account
3 or 4
No one
2 people
Only one
10
What are some advantages to having a credit card?
Easy To Carry Around
Helps Build Credit
Easily Obtainable
Offers More Protection Than A Debit Card
11
What is Debit?
Someone else's bank
A Card
Any Form Of Payment
Your Money
12
What are some disadvantages of having a debit card?
Increases Interest Rate
Can Ruin Credit History
There Are No Disadvantages To Having A Debit Card
Must Actively Monitor