Financial Literacy Quiz #2

(6.14H) Based on the following scenario, what is the difference in lifetime income over 30 years of employment for individuals with 2-year vocational training and graduate degrees?
2 year vocational training = $52,000 average annual salary
Post graduate degree = $76,000 average annual salary

• $720,000
• $7,200
• $7,200,000
• $72,000

Tags

CCSS.7.EE.B.3

(6.14D) Why is it important to establish positive credit history?

• Higher credit scores result in lower interest rates on loans.
• Positive credit history results in higher credit scores.
• You are more likely to be offered a loan by a bank.
• All of the above.

(6.14E) How long will a negative credit action usually remain on a credit report?

• 4 years
• 7 years
• 10 years
• 15 years

Tags

CCSS.6.NS.C.7C

(6.14F) Which of the following accurately describes one benefit gained by financial institutions from a credit report?

• Determines the grade of the lending institution.
• Increases the likelihood the lender can borrow money.
• Comparatively ranks lending institutions.
• Provides a detailed report of a borrower's financial history.

A company that makes loans to consumers is called a ________________.

• debit company

• store

• grant

• lender

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

Bad credit can affect your ability to 

• Buy a home
• Get a job
• Get a loan
• All of the above

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

Credit reports show cash purchases.

• True

• False

Which type of degree takes about two years to earn attending college full time?

• Doctoral or Professional Degree
• Associate's Degree
• Master's Degree
• Bachelor's Degree

Which is not a post-secondary degree?

• Associate's Degree

• Doctorate's Degree

• General Education Development (GED)

• Bachelor's Degree

What information is not on your credit report?

• personal information

• credit history inquiries

• accounts in good standing

• your family members names