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HARCATUS Financial Literacy Questions Flashcards | StudBud
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HARCATUS Financial Literacy Questions
HARCATUS Financial Literacy Questions
30 terms
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StudBud Administration
This game was created for HARCATUS students in the Y.E.S program.
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
Filing for bankruptcy means all your debts are permanently erased with no consequences.
True
False
2
A late fee is the charge or fee is added to a loan or credit card payment when the payment is made after the due date.
True
False
3
A loan is money you borrow from a lender that you agree to pay back, often with added interest.
False
True
4
A credit report is a detailed record of your credit history that shows how you've managed borrowing and repaying money.
True
False
5
What is a grace period?
The period when your credit card issuer lowers your annual fee.
A short time after a due date to pay without fees or interest
A fee charged by the lender if you pay your bill early.
The time during which a promotional interest rate on a loan ends.
6
What is bad credit?
A special offer from the bank that lowers your monthly bills.
When you have a low credit score or poor credit history.
When you debit card doesn't work because there's no money on it.
Having too many loyalty cards from stores.
7
Interest is a one-time fee paid when opening a new credit card account.
False
True
8
What is an annual fee?
An Amount the bank pays you once a year for using your credit card.
A one-time sign-up bonus you get every year.
An annual fee that some credit cards services require you to pay.
A fee for closing your credit card early.
9
Mortgage is a payment made to a landlord in exchange for living in or using their property.
False
True
10
What is an interest rate?
The amount of interest paid per year divided by the principal amount.
The total amount of money in your savings account.
The amount of your credit limit automatically increase each year.
A one-time fee you pay when opening a bank account.
11
Which of the following are common household utilities people pay for?
Water
Trash collection
Sewer services
Electricity
12
Rent is a loan you get from a bank or lender to help you buy a home.
False
True
13
A business that makes money available for others to borrow.
Lender
Restaurant
Clothing shop
Gas station
14
A bank statement is a monthly fee charged by the bank to maintain your account.
False
True
15
Which of these is a type of insurance people pay for?
Life
Auto
Renters
Health
16
What is a secured credit card?
A credit card issued with no need for any deposit or collateral.
A card that only works at secured locations like banks or ATMs.
A card exclusively used to secure online purchases against fraud.
Type of credit card backed by a cash deposit you make up front.
17
What is credit?
A type of savings account where your money grows.
Credit is the ability to borrow money or buy now and pay later.
The amount of cash in your wallet.
Money you receive as a gift from your bank.
18
If the borrower doesn't pay the loan back, the lender can take the collateral as payment.
True
False
19
Auto insurance helps cover the costs if your car is damaged or you cause an accident.
False
True
20
What does health insurance help pay for?
Doctor visits, hospital stays, medical tests, surgeries, prescriptions
Car repairs and oil changes
Rent or mortgage payments
School tuition and books
21
A lower credit score is better.
True
False
22
What is a credit limit?
The total money you have in your bank account.
The minimum amount you must pay each month.
Credit limit is the most money you can spend or borrow on your credit card.
The interest rate on your credit card balance.
23
What is creditworthiness?
A type of credit card for students.
A lender's measure of an individual or company's ability to pay debt.
Your monthly phone bill amount.
How often you shop online.
24
A percentage that is calculated by dividing a loan applicant's total debt payments to his or her gross income.
Debt-to-Income-Ratio
Credit Score
Annual percentage rate (APR)
Interest
25
A period of time over which a loan is scheduled to be repaid.
Collateral
Interest
Term
Credit Score
26
What is an annual percentage rate (APR)?
A monthly payment you make to keep your bank account open.
It's the yearly cost of borrowing money, shown as a percentage.
A fee charged once a year for checking your credit score.
A discount you get every April on your credit card balance.
27
Credit History is a written record of a person's use of credit.
True
False
28
Principal is the total amount of money borrowed, loaned, invested, and not including interest or service charges.
False
True
29
Money, goods, or services you owe to others.
Savings
Interest
Credit limit
Debt
30
Fees are charge for service by a financial institution or lender.
True
False
