Personal Financial Literacy

Front

What is the most important factor that lenders look at when reviewing loan applications?

Back

Payment history

Front

How long is most credit report information retained?

Back

Most credit report information is retained for 7 years.

Front

What is a scholarship?

Back

A scholarship is financial aid awarded to students based on various criteria, which can include academic merit, financial need, or other factors.

Tags

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Front

What does it mean to use a debit card for a purchase?

Back

Using a debit card for a purchase is called a withdrawal, as it directly deducts money from your bank account.

Front

What are some common types of financial aid for college?

Back

Common types of financial aid include scholarships, grants, work-study programs, and student loans.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit to make purchases.

Front

What is a credit report?

Back

A credit report is a detailed account of an individual's credit history, including their borrowing and repayment activities.

Front

What is the purpose of a budget?

Back

A budget helps individuals plan their spending and saving to manage their finances effectively.

Front

What is interest?

Back

Interest is the cost of borrowing money, usually expressed as a percentage of the amount borrowed.

Tags

CCSS.7.RP.A.3

Front

What is a loan?

Back

A loan is a sum of money borrowed that is expected to be paid back with interest.

Tags

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5