WorksheetsMCP Financial Literacy Borrowing (1)
Total questions: 22
Worksheet time: 50mins
Name the savings plan(s) that accumulate interest.
Money Market Accounts
Certificates of Deposit
US Savings Bonds
Select all of the services most commonly provided by banks.
Borrowing Services
Savings Accounts
Payment Services
Brokerage Accounts
Recall what sets Credit Unions apart from commercial banks. (Pick all that apply.)
Credit Unions are owned by their members
Credit Unions offer more free services
Credit Unions are not profit focused
Credit Unions belong to the Federal Reserve
Who may review your credit report without your permission?
Your parents after you are 18 years old
Your current employer
The car sales person to talk to about getting a loan on a new car
Your doctor
Which are the names of the three credit bureaus?
Equifax, credit unions, lenders
Credit unions, banks, check cashiers
Experian, Credit Reports Association, FDIC
TransUnion, Experian, Equifax
None of the above; you must pay a fee for any credit report
The total amount of money you owe other people.
Interest
Debt
Credit
Garnish
Something of value that lenders can repossess if you are unable or unwilling to repay a loan as promised
Credit Score
Grace Period
Collateral
Interest
The cost of borrowing money is referred to as...
interst
credit
credit line
Annual percentage rate
List three strategies you can apply as you turn 18 to build a good credit history.
Take out all of the credit cards you can, make payments late so you pay interest, borrow money to friends
Take out a loan or credit card, Make payments on time, repay yourself with interest
If your payment for your full credit card is received by the lender before the due date, you will not owe any interest.
True
False
An APR of 25.99% in decimal form is....
.02599
.2599
2.599
25.99
Which type of bankruptcy requires a repayment plan to creditors over 3-5 years?
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Chapter 11 Bankruptcy
Debt Repayment Plan
This type of Bankruptcy allows a person/business to discharge (eliminate) their debt by erasing it after liquidating assets
Chapter 7
Chapter 11
Chapter 12
Chapter 13
