Financial Literacy STAAR Review

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What is a credit report?

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A credit report is a document that lenders use to determine whether to lend money to a borrower.

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What does it mean to deposit money?

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To deposit money means to put money into your account.

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What are student loans?

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Student loans are money borrowed from the government for college that must be paid back with interest.

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What is a good credit score?

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A good credit score is typically around 800.

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What are scholarships?

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Scholarships are money awarded for achievements that do not have to be paid back.

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What is the purpose of a budget?

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A budget helps you plan how to spend and save your money.

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What is interest?

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Interest is the cost of borrowing money, usually expressed as a percentage.

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What is a debit card?

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A debit card is a card that allows you to access your bank account to make purchases.

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What is a loan?

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A loan is money borrowed that must be paid back, usually with interest.

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What is a grant?

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A grant is money given for a specific purpose that does not have to be paid back.