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