WorksheetsFinancial Literacy
Total questions: 41
Worksheet time: 41mins
How long will a negative credit action usually remain on a credit report?
4 years
11 years
7 years
15 years
What is important in establishing good credit?
Making payments on time
Being late on payments
Spending 100% of your credit limit
Missing a payment
Why is it important to establish positive credit history?
Higher credit scores result in lower interest rates on loans
You are more likely to be offered a loan by a bank
Positive credit history results in higher credit scores
All of the above
What is included under credit history on a credit report?
Date of birth
Late payments
Late payments can help create a high credit score
True
False
Who would be more likely to get a car loan?
Dave with a credit score 560
Julie with a credit score 780
A person, or a financial institution that lends money, and in return charges interest?
Borrower
Lender
A person who takes and uses a sum of money under an
agreement to pay it back?
Borrower
Lender
Information about my purchases in cash or with a debit card appear on my credit report
True
False
Which information would NOT appear on your credit report?
Credit Card balance
Car loan
Mortgage
Debit Card balance
Your credit score determines how successful you will be in obtaining a loan
True
False
Which is an exceptional credit score?
672
555
713
813
What does a credit score represent?
The amount of years a person has been paying a loan.
The amount of credit cards a person has.
The credit history of a person.
The amount of money a person has saved.
A debit card allows for an immediate electronic transfer of money from a cardholder's savings or checking account.
True
False
A debit card is handy in an emergency when you don't have the money to spend.
True
False
A debit card is a buy-now, pay-later payment type with a grace period for payments.
True
False
Which is a disadvantage of a credit card?
Credit cards are buy-now, pay later
Credit cards provide preapproved credit
Credit cards charge interest
Credit cards are the best way to pay for something online, because you can dispute a the charge
Consumers can purchase items now and pay for them later.
Debit Card
Credit Card
Both
Interest may be charged but can be avoided by paying the entire balance each month.
Debit Card
Credit Card
Both
Eric purchased a movie ticket with his card. This money will come straight out of his checking account. What card did he use?
Debit Card
Credit Card
Both
Rosa’s gas pump went out as she was driving her car to work. Since she did not have enough money to cover the cost to replace the pump, she used a card that allowed her to pay later. What card did she use?
Debit Card
Credit Card
Both
To avoid carrying cash, Ned pays for his lunch using this card. Each time he uses this card his checking account decreases. Which card did he use?
Debit Card
Credit Card
Both
It can be used to purchase goods and services.
Debit Card
Credit Card
Both
Great for emergencies
Debit Card
Credit Card
Both
Affects credit score
Debit Card
Credit Card
Both
You are an education major, and part of your financial aid money is the money you earn as a tutor.
scholarship
grant
work study
loan
You receive $500 from the local cultural society.
scholarship
grant
work study
loan
You are majoring in chemistry and entering your third year of college. You receive money from the federal government through a program that awards financial aid to students majoring in science, technology, engineering and math.
scholarship
grant
work study
loan
Your father lost his job and the family's income became much lower. You receive money from the government to pay for college.
scholarship
grant
work study
loan
You entered your painting in a contest and won $750 to pay for your college expenses.
scholarship
grant
work study
loan
