Financial Literacy

True or False: Negative information stays on your credit report for 7-10 years.

• True
• False

A plastic payment card linked to a financial account and is used for transactions.

• Debit Card
• Credit Card
• Checking Account
• Savings Account

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The actions of depositing and withdrawing money.

• Microtransactions
• Saving Money
• Transactions
• Shoe Laces

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To put money into an account.

• Deposit
• Withdraw
• Savings for a chicken
• Interest for a cow

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Which bank is better for me? I pay for lunch 20 times a month with my debit card. I do not write checks or use the ATM.

• State Bank
• Bank of Texas

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What would be my monthly costs if I chose to bank at Bank of Texas and use my debit card 20 times to pay for lunch?

• $10.00
• $2.00
• $20.00
• $4.00

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What is credit?

• Money allocated to a specific account for future use by the consumer without borrowing
• Goods, services, or money received in exchange for a promise to pay a definite sum of money at a future date
• The ability and willingness of an individual to pay back a loan as perceived by the lender
• An individual’s character, capital, capacity, collateral and conditions

Amount charged if your payment is received after the billing date

• late payment fee
• overdue fee
• withdrawal fee
• loser fee

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Benefits of credit cards include:

• safe and convenient, bonuses are offered
• allows you to build a positive credit report
• needed for reservations and online shopping
• all of these

Your credit score is not configured off of which of the following:

• Payment history
• Amount owed
• GPA
• Length of credit history