JA Finance Quiz

What is the difference between a credit card and a debit card? WRITE YOUR ANSWER IN A COMPLETE SENTENCE.

<CLUE WORDS FOR YOUR ANSWER: pay, days, bank>

How do banks make their money?

• fees

• interest

• fees and interest

• Members Pay to Open an Account

How do you get an account at a  credit union?

• You pay to become a member.

• You sign up to become a member based on your job.

What is a credit score?

• A score you choose when you want to buy a house.

• A credit score is a number that represents how well you handle your money.

• Your address

• Your social security number.

How do you get a social security number?

• It is your parent's phone number.

• It is assigned to you at birth when you are born in the United States.

• It is your birthday.

Name 2 things that your credit report contains?

• Your car tag number.

• Your lunch code.

• Social security number and information on how well you pay your bills. .

You receive a bill in the mail. When is the best time to pay it?

• immediately or within 25 days

• whenever you get around to it

• after 25 days

Give one reason it is important to have insurance. WRITE YOUR ANSWER IN A COMPLETE SENTENCE.

<WORDS THAT MAY HELP YOUR ANSWER: expenses, loss, damage, accidents>

I am your bank. You want a loan.  Why should I loan you the money?  Give 2 reasons. WRITE YOUR ANSWER IN A COMPLETE SENTENCE.

<WORDS THAT MAY HELP YOUR ANSWER: 25 days, income, score, debt>

You are busy with finals and forgot to pay for your credit card bill.  You are charged with $100 in late fees.  This will likely lower your __________.