Financial Lit Unit 4 & 5 Review

Front

What is an asset?

Back

anything you own that adds financial value

Front

What is income?

Back

Money received over a set period of time in exchange for products or services

Front

What is a liability?

Back

money you owe/ your debts

Front

What are expenses?

Back

Dollars going out, usually to buy goods and services

Front

Which equation will give you your net worth?

Back

the value of a person’s assets minus the value of his or her liabilities.

Front

Which category would a 450 credit score fall under? Options: poor, fair, good, excellent

Back

poor

Front

higher risk investments do better in the...

Back

Long term

Front

The maximum amount you can charge on your credit card is known as:

Back

Credit Limit

Front

Which of the following would increase your credit score:
- Using your credit card for a big impulse purchase
- Using 90% of your available credit
- Using a credit card to pay off a different credit card
- Having a mix of different credit types

Back

Having a mix of different credit types

Front

Which category accounts for the greatest percentage of your FICO Credit Score: Payment History, Amounts owed, Length of Credit History, New credit from recently opened accounts?

Back

Payment History