Financial Literacy -- Credit vs. Debit & Credit Reports

Financial Literacy -- Credit vs. Debit & Credit Reports

Multiple Select

Money is borrowed and repaid at a later date?

• Credit Card

• Debit Card

• Both

Multiple Select

Money is automatically taken out of a checking or savings account.

• Credit Card

• Debit Card

• Both

Multiple Select

Card is declined if not enough money in your account.

• Credit Card

• Debit Card

• Both

Multiple Select

Convenient, Secure, Replaces Cash.

• Credit Card

• Debit Card

• Both

Multiple Select

Has Fraud Protection.

• Credit Card

• Debit Card

• Both

Multiple Select

May cause unnecessary debt.

• Credit Card

• Debit Card

• Both

Multiple Choice

Which is a disadvantage of a credit card?

• Credit cards are buy-now, pay later

• Credit cards provide preapproved credit

• Credit cards charge interest

• Credit cards are the best way to pay for something online, because you can dispute a the charge

Multiple Choice

A debit card is essentially a paper check but doesn't require the processing time a check does.

• True

• False

Multiple Choice

Online banking is an electronic way to view account activity and pay bills via the internet and an institution's website.

• True

• False

Multiple Choice

If the card is lost or stolen, report it immediately.

• Debit Cards

• Credit Cards

• Both

Multiple Choice

It requires the use of a PIN when making a purchase.

• Debit card

• Credit card

• Both

Credit Reports

Credit Reports are like REPORT CARDS

They provide you a GRADE on how well you use credit.

WHAT is in your credit report?

Almost everything about you!

Multiple Choice

____________________ will negatively affect your credit score.

• Moving to an apartment

• Paying late on your car loan

• Forgetting your sisters birthday

• Forgetting to pay mom back for the lmoney you borrowed.

Multiple Choice

All of the following can appear on your credit report, EXCEPT

• Salary

• If you've been arrested

• Money you borrowed from your aunt

• The number of credit accounts you have open

Multiple Choice

A score at 750 on your credit report is pretty good.

• True

• False

Multiple Choice

How long does negative information stay on your credit report?

• 5 years

• 7 years

• 15 years

• Forever

Multiple Choice

Wendy wants to improve her credit score. Which of the following actions will help Wendy improve her score?

• Pay the minimum amount due on credit cards and loans.

• Close any accounts that have a zero balance.

• Make all monthly payments on or before due date.

• Take out additional loans to pay off current debt.

Multiple Choice

How many free credit reports is a person allowed in one year?

• 1

• 2

• Unlimited

• None

Multiple Choice

Which of the following can be damaging to a person's credit history?

• Having 15 accounts open with high balances

• Making minimum monthly payments on due date

• Having one hard inquiry on a credit report

• Having multiple addresses listed in personal information

You have a credit score..... yes, you!

Credit reports can be viewed/requested once you have a social security number. It is VERY wise to check your credit report at least once every 2 years to make sure someone has not STOLEN your identity...... so talk to your parents about looking up your credit report. IT'S FREE!