Personal Financial Literacy

Jack applied for and received his first credit card because he liked its features.

Which of the following describes the features of a credit card?

Select TWO correct answers

• A credit card is paid off at the end of each month to avoid interest charges.

• A credit card allows you to take money from any ATM machine free of charge.

• A credit card has funds withdrawn from your bank account at the time of the purchase.

• A credit card charges fees if the minimum payment is not made each month.

Ken says the information on his credit report can be retained for only 1 year. Is Ken correct?

• Yes, because the consumer chooses how long credit report information is retained.

• No, because most credit report information is retained for 7 years.

• Yes, because most credit information is updated monthly.

• No, because all credit report information is retained indefinitely.

Which list contains information that is provided on a credit report?

• Number of on time payments, early payments, and late payments

• Your STAAR scores

• Number of traffic tickets received, claims made to insurance companies

• Amount of money paid using cash for groceries, gas, and movie tickets

Which of the following are reasons you need to establish a positive credit history?

Select 3 choices.

• Lenders will use your credit history to determine if you qualify for a loan.

• You can get a better job when you apply in the future.

• Your history will determine the amount of money you can borrow.

• They want proof that you can manage your money.

Riley received financial assistance to pay for his college education. After he graduates. he will have to pay back the amount of money he received plus any interest that accrues after graduation.

Which kind of financial assistance did Riley receive?

• Student loan

• Scholarship

• Work-study

• Savings plan

Tags

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Mario plans to attend a 4 year college after he graduates from high school. He does not want to have to repay any money when he finishes college.

Which method of paying for college should Mario choose in order to graduate college without having to repay any money?

• Savings Account

• Student Loans

• Work-Study

• Scholarships

Tags

CCSS.RI.5.2

CCSS.RI.6.2

CCSS.RI.7.2

CCSS.RL.6.1

CCSS.RL.6.2

Complete the statement.

A fee charged by the financial institution for making a purchase against your checking account in which there is not enough money in the account to cover the payment is called a(n)​ (a)  

• overdraft fee
• withdrawal
• bankruptcy

Which of the following situations refer to a debit card.

• You can only pay for your purchase later

• You may be charged interest on your purchases.

• You can only spend the amount that is in your account.

• You have to apply & get approved to have one

Looking at the check register, what would be the ending bank balance?

• $210.84

• $120.79

• $300.89

• $260.89

Tags

CCSS.6.NS.B.3

Estimated average annual salaries and minimum levels of education for different occupations are shown in the table.

Based on the information in the table, which statement is true?

• The minimum level of education required for a physician is less than the minimum level of education for a firefighter & a lawyer

• The estimated average salary of an accountant is less than a lawyer but greater than a physician assistant

• For the jobs listed in the table, as the minimum level of education increases, the estimated average salary increases.

• For the jobs listed in the table, as the minimum level of education increases, the estimated average salary decreases.

Tags

CCSS.5.OA.B.3