Personal Finance Exam

Front

What is a 'credit score'?

Back

A numerical representation of creditworthiness.

Front

Who is correct about the importance of a good credit score: Samuel thinks it's for getting discounts, Hannah believes it's to show off, and Evelyn says it's to secure loans and job opportunities?

Back

Evelyn: It's to secure loans and job opportunities

Front

Jackson, Olivia, and Abigail are discussing how to tackle their student loan debt. What advice would you give them?

Back

Create a budget and make loan payments a priority.

Front

What is the usual grace period before Aria, Benjamin, and Mason need to start making payments on their student loans?

Back

6 months

Front

What are the key differences between federal and private student loans?

Back

Federal student loans are backed by the government, while private student loans are from private lenders.

Front

Why might Grace, Luna, and Aiden need to fill out a FAFSA form for their university journey?

Back

To check if they qualify for university financial aid?

Front

Ava, Maya, and Jackson are discussing how to manage their student loan payments. What advice would you give them?

Back

Consider income-driven repayment plans, refinancing, or loan consolidation.

Front

What strategies should Ava, Evelyn, and Rohan follow to win the 'Credit Score Monopoly' game?

Back

Pay bills on time, keep credit card balances low, and avoid opening too many new accounts at once.

Front

Why might Anika be dealing with a penalty APR on her credit card?

Back

She missed her March and April payments while on a trip.

Front

Charlotte, Henry, and Oliver are starting a lemonade stand. They need to consider ___ and ___. What are these two factors in economics?

Back

costs and benefits