Financial Literacy

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What is a credit report?

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A credit report is a detailed report of an individual's credit history, including information about credit accounts, payment history, and outstanding debts.

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What information is NOT included in a credit report?

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A checking account balance is not included in a credit report.

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What are scholarships?

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Scholarships are financial awards given to students based on academic or other achievements that do not need to be repaid.

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

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What is a grant?

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A grant is a sum of money given by an organization, often the government, for a specific purpose, such as education, that does not need to be repaid.

Tags

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

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What is a student loan?

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A student loan is money borrowed to pay for education expenses, which must be repaid with interest.

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What is the purpose of checking a credit report when applying for a loan?

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To determine the likelihood of the borrower paying back the loan.

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What is a checking account?

Back

A checking account is a bank account that allows for deposits and withdrawals, typically used for daily transactions.

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What is a monthly maintenance fee in banking?

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A monthly maintenance fee is a charge by a bank for maintaining an account, which can vary by bank and account type.

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How do you calculate the balance after a deposit?

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To calculate the balance after a deposit, add the deposit amount to the current balance.

Tags

CCSS.5.NBT.B.7

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What is the difference between fixed and variable interest rates?

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A fixed interest rate remains the same throughout the loan term, while a variable interest rate can change based on market conditions.