Financial Math - Fall Semester Exam

Front

What is an installment loan?

Back

An installment loan is a type of loan that is repaid over time with a set number of scheduled payments. Examples include auto loans, mortgages, and student loans.

Front

What is a revolving line of credit?

Back

A revolving line of credit is a type of credit that allows the borrower to withdraw, repay, and withdraw again. Credit cards are a common example.

Front

What is the importance of checking your credit report regularly?

Back

Checking your credit report regularly helps identify potential errors or fraudulent activity, which can affect your credit score.

Front

What does it mean to live paycheck-to-paycheck?

Back

Living paycheck-to-paycheck means using your entire paycheck to cover monthly expenses, leaving little to no savings.

Tags

CCSS.RI.11-12.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RL.11-12.4

CCSS.RL.9-10.4

Front

What are some tips for safe online banking?

Back

Use strong, unique passwords for each account, avoid using personal information in passwords, and keep your devices updated.

Front

What is a credit score?

Back

A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Front

What factors can affect your credit score?

Back

Factors include payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries.

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.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What is the purpose of a budget?

Back

A budget helps individuals plan their spending and saving, ensuring they can meet their financial goals.

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