Financial literacy review

When money is put into a checking account it increases the account balance and is called a

• Withdrawal

• Deposit

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.3

When money is taken out of a checking account, it decreases the account balance and is called a

• Withdrawal

• Deposit

Tags

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Which statement describes why it is important to have a positive credit report?

• Having extended periods to pay off a loan

• Getting lower interest rates when applying for a loan

• Getting discounts when you buy expensive items

• Making an extra payment on a credit payment schedule

When you use money borrowed from a credit account with a card, it is called a

• Debit Card

• Credit Card

Which of the following describes the function of a credit report?

• It is a way to determine whether a lender should lend money to a borrower.

• It determines whether a borrower should be issued a debit card.

• It allows the borrower to get better jobs.

• It gives the borrower a better resume.

When paying for college, this type of money is awarded for achievements and does NOT have to be paid back

• Grants

• Scholarships

• Student Loans

• Savings

When paying for college, this type of money is given by a non-profit organization or the government, and does NOT have to be paid back

• Grants

• Scholarships

• Student Loans

• Savings

When paying for college, this type of money is placed in an account over time to plan for college expenses

• Grants

• Scholarships

• Student Loans

• Savings plan

When paying for college, this type of money is borrowed from the government and MUST be paid back with interest

• Grants

• Scholarships

• Student Loans

• Savings

Which of the following accurately describes a benefit gained by financial institutions from a credit report?

• Provides a detailed report of a borrower's financial history

• Increases the likelihood the lender can borrow money

• Determines the power of the lender

• Compare the borrowers' work in these financial institutions