Financial Literacy Review

A college professor with a doctoral degree earns $90, 000 per year. A middle school teacher with a bachelor's degree earns $56,000 per year. If each person worked for 30 years in the same job, how much more than the middle school teacher will the college professor earn over the course of their careers.

• $700,000

• $1,020,000

• $2,700,000

• 1,680,000

Which of the following is true of a purchase made with a debit card, but not a purchase made with a credit card?

• The customer will receive a bill for the purchase

• The customer pays interest on the balance

• The customer enters a PIN number in order to make a purchase

Which of the following is true about credit cards

• The money being spent is a loan and a customer pays interest

• You need a PIN to withdraw money

• There is no difference between a credit card and a debit card

• Credit card is linked to a checking account

Which of the following will be recorded on the credit report?

• Buying groceries from Walmart with cash

• Taking out a bank loan

• Earning money from babysitting

• Borrowing money from a cousin

How long does a negative item stay on a credit report?

• 5 years

• 2 years

• Forever

• 7 Years

A credit report is used by

• Grocery stores to decide whether a person can shop there

• Landlords to decide whether to rent their homes to someone

• Family members to decide whether to loan you money

• Friends to buy you gifts

Luis is looking at his credit report. Which of the following might be consider a positive factor for lenders:

• Outstanding Collections

• Missed Payments

• Closed accounts

• Paid off accounts and no missed payment

Brisa plans to attend college agter she graduaes ftom high school. She is planning early for how she will pay for college. She is applying for several types of financial aid. Which of the following NOT a type of financial aid?

• Grants

• Scholarships

• Student Loans

• All of them are financial aids

Yeudiel's dad is saving money in the bank each month to pay for his college tuition. What type of payment is this?

• Family support

• Loan

• Grant

• Scholarship

Raymond is looking at different careers to find out how the difference in salary affects monthly pay. He find out that high school teacher makes around $60,000 per year and a nurse makes around $70,000 a year. About how much more a month would a nurse make than a high school teacher?

• 2,100,000

• 1,800,000

• $300,000

• The answer is not here