wk 30-Financial Literacy (credit/credit score/profit)

money earned or received

• Expenses
• Income
• Deductions
• Check

payment for goods and services, what you spend

• Income
• taxes
• expenses
• credit card

What is credit?

• Receiving goods and services now and paying for them later

• The process of depositing money into your savings the day you receive it so you have savings later

• Having ownership of a company based on how many stocks you have bought

• Accumulating money each month for emergencies

What is the highest credit score you can achieve?

• 800

• 1000

• 850

• 550

How many free credit reports is a person allowed in one year?

• 1
• 2
• Unlimited
• None

Which of the following is a reason to establish a good credit score?

• It helps you get a loan.

• It helps you get a better interest rates on loans.

• It helps the borrower determine if a loan will be approved.

• All of the above.

Wendy wants to improve her credit score. Which of the following actions will help Wendy improve her score?

• Pay the minimum amount due on credit cards and loans.
• Close any accounts that have a zero balance. 
• Make all monthly payments on or before due date. 
• Take out additional loans to pay off current debt. 

How long does negative information stay on your credit report?

• 5 years
• 7 years
• 15 years
• Forever

A score at 750 on your credit report is pretty good. 

• True
• False

When you apply for college, they look at your credit report?

• True
• False