Study Skills- Fin Lit 10

A ________________ is usually paid on a biweekly or monthly basis for professional employment.

• a. Salary

• b. Stipend

• c. Wage

• d. Benefit

Which of the following is the best reason to use cash for purchases?

• Getting more from the ATM is easy to do

• Keeping track of how much you have spent is simple

• Splitting bills with friends is easier

• Losing it won’t be a big deal

What factor has the biggest impact on a credit score?

• Having a variety of types of credit

• The amount of money you owe on your credit cards

• Your history of making payments on time

• The number of years that you have used credit responsibly

What is the best strategy to avoid paying interest on your credit cards?

• Pay the minimum balance each month

• Pay the full balance each month

• Have credit cards from two different banks

• Make payments online

Which of the following is not a source of income?

• Your annual salary for doing your job

• Your monthly student loan payment

• The stipend you receive for doing an internship d.

• The wages you receive after a work shift

Which of the following statements is TRUE:

• Applying for several lines of credit in a short period of time can help boost a person’s credit score.

• Paying off a credit card balance in full can have a negative impact on someone’s credit score.

• The longer you use credit responsibly, the higher your credit score.

• Low risk borrowers tend to have low credit scores.

Which of the following statements is TRUE about payday loans?

• They are harder to pay back because of low fees and high interest rates

• They are harder to pay back because of high fees and high interest rates

• They are easier to pay back because of lower fees and higher interest rates

• They are easier to pay back because of lower fees and lower interest rates

Amyelia's new summer job at the pool will pay her $9 per hour. Which term describes this type of hourly income?

• Salary

• Stipend

• Wage

• Benefit

Ashley wants to make a purchase using the money in her checking account. What method of payment should she use to access these funds immediately and directly?

• Credit card

• Debit card

• Direct Deposit

• Prepaid Card

What is the problem with paying only your minimum credit card balance each month?

• It lowers your credit score

• You have to pay interest

• The bank will cancel your credit card

• All of the above