Personal Financial Literacy

Front

What mathematical operation is used in a check register when a withdrawal is made?

Back

Subtraction

Front

How long will a negative credit action usually remain on a credit report?

Back

7 years

Front

What type of payment is $2,500 per semester from the government to help pay for college that does not have to be paid back?

Back

Grant

Front

What is the difference in lifetime income over 30 years for individuals with 2-year vocational training ($52,000 average annual salary) and graduate degrees ($76,000 average annual salary)?

Back

$720,000

Front

Which is not a reason insurance companies will look at Kyrie's credit report?

Back

To see what cell phone company he uses

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a specific period.

Front

What is the purpose of a credit score?

Back

To evaluate a person's creditworthiness.

Front

What is a loan?

Back

Money borrowed that must be paid back with interest.

Front

What is the difference between a grant and a scholarship?

Back

A grant is typically need-based and does not need to be repaid, while a scholarship is often merit-based.

Front

What does it mean to save money?

Back

To set aside a portion of income for future use.