Financial Literacy

Using a credit card allows you to...

• put money into a savings account.
• purchase something now and pay for it later.
• take money directly from your checking account.

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Financial Literacy is having the knowledge, understanding, and skills necessary to become an effective consumer.

• True
• False

All of these are examples of types of credit except:

• savings account
• college loan
• credit cards
• car loan

These are also all types of credit except:

• car loan
• college loan
• checking account
• home mortgage loan

Before signing up for a credit card, you will want to find out...

• if there is an annual fee.
• what the interest rate is on purchases.
• what types of late fees could be charged.
• all of these are correct.

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Overspending and accumulating too much debt can ruin your credit score

• True
• False

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

An example of a secured card is a

• Debit card
• Pre-paid Visa card

When you write a check from your checking account this is a:       

• Credit added to your balance.   
• Debit subtracted from your balance
• Credit subtracted from your balance.
• Debit added to your balance.

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Reasons for making a budget include:

• To keep track of your income and expenses.
• To achieve your long term goals. 
• To have a spending plan.
• All of the above choices are correct. 

The lowest amount of money shown on your credit card bill that must be paid every month is called the: 

• late fee
• minimum payment
• credit limit
• previous balance