Personal Finance Literacy

An identification card issued by a bank that allows a user to buy items and services immediately and pay the cost at a later time.

• Credit Card

• Debit Card

• Bank Card

• Check

An identification card issued by a bank that allows a user to immediately use money from an account. You have a personal identification umber (PIN) to keep it safe.

• Credit Card

• Debit Card

• ID Card

• Driver's License

An estimate of income and spending for a set period of time, usually by month or year.

• Markdown

• Income Tax

• Sales Tax

• Budget

What is income?

• The money that you earn

• The money that you spend

• Making a withdrawal

• Making a phone call

Adda has just moved into her own apartment and is working full time. Each item below would go into her budget in the "Monthly Bills" category EXCEPT...

• Cell phone plan

• Rent

• Clothing

• Electricity bill

Marshawn is trying to determine if an item at the mall is a NEED or a WANT. Which question will be most helpful?

• Will something bad happen if I don't have this?

• Do any of my friends have this item?

• How happy will this item make me?

• Will my teachers be excited if I buy this item, or will they be disappointed?

Who has to pay taxes to the US government?

• Every citizen, regardless of their age or working status

• Every person or company that earns income in the US

• Anyone who owns a home or attends a public school

• No one has to - taxes are a voluntary program

Which of the following is a want?

• Food

• Water

• Shelter

• Video game

T/F: A negative credit event (bankruptcy) can have a WORSE impact on a higher credit score.

• True

• False

Which of the following does NOT contribute to your credit score?

• Your payment history

• Which banks issued your credit cards

• Your debt-to-credit ratio

• Length of credit history