3. Which situation describes the use of a debit card?
A) A PIN number was used when a purchase was made.
B) After paying for a purchase, the buyer recorded the amount in his check register.
C) The buyer will pay for purchases at the end of the month.
D) After making a purchase, the buyer was late making a payment and was charged a fee.
A) A PIN number was used when a purchase was made.
Which of the following statements is NOT true?
A) Credit card companies charge a finance fee when you fail to pay your minimum payment.
B) Debit card bills are never sent to you. The amount you used will appear on your bank account as a debit.
C) Credit card companies will charge a late fee if you do not pay your minimum payment each month.
D) You can use your debit card for a purchase even if the purchase is more than your account balance.
D) You can use your debit card for a purchase even if the purchase is more than your account balance.
What utilization rate should you try and stay below?
30%
What is Post-Secondary Education ?
Any education after high school
Camron received financial assistance to pay for his college education. After he graduates he doesn't have to pay this money back because it was awarded to him by the college or private institution. What kind of financial aid did he receive?
A) Student loan
B) Work-study
C) Scholarship
D) Savings plan
C) Scholarship
Which statement is true?
A) You should pay off all debit card balances at the end of the month.
B) If you do not pay your credit card bill on time, you will be charged a finance fee.
C) You will receive a bill at the end of the month for your debit card use.
D) Debit cards have high interest rates.
B) If you do not pay your credit card bill on time, you will be charged a finance fee.
Which situation does NOT describe the use of a debit card?
F) A PIN number was used when a purchase was made.
G) After making the purchase, the amount of the purchase was deducted from your checking account.
H) The buyer was denied the use of the card because of lack of funds in his account.
J) After making a purchase, the buyer was late making a payment and was charged a fee.
J) After making a purchase, the buyer was late making a payment and was charged a fee.
Credit scores typically range between what two numbers?
200-850
True or False: In general, the more education or training a person receives, the more money a person can earn over time.
Luis works at Registrar’s Office at his college. In exchange for his time worked, he receives money towards his education. What is this type of financial aid called?
Work Study
Which statement describes the use of a debit card?
F) Brenda paid the bill for her card with a check at the end of the month.
G) Sandy transferred $65 from her checking to her savings account.
H) Liza bought a new dress and paid for it using a plastic card with a PIN. The amount was deducted from her checking account the day of purchase.
J) Jean bought a new coat and paid for it at the end of the month.
H) Liza bought a new dress and paid for it using a plastic card with a PIN. The amount was deducted from her checking account the day of purchase.
Trace and Lee were discussing credit cards and debit cards. Trace made the statement: “Credit cards are not good for your credit rating.” Which statement is true about Trace’s statement?
F) His statement is correct. People use credit cards because they can’t use their debit card.
G) His statement is correct. People use credit cards because they have no cash.
H) His statement is correct. Credit card companies charge extremely high interest rate.
J) His statement is incorrect. If you pay your balance each month on time, credit card usage can help your credit rating.
J) His statement is incorrect. If you pay your balance each month on time, credit card usage can help your credit rating.
How long does negative information remain on your credit report?
7 years
A Undergraduate Degree takes how many years of college to complete ?
4 years
Kelly receives money from her college to play on their soccer team. What type of financial aid is this ?
Scholarships
At the beginning of the month, Alice’s checking deposit balance was $650. During the month, she deposited $300 and withdrew $120 in cash. She transferred $125 to her savings account. She also wrote checks for $43 and $28. What was her balance at the end of the month?
A) $644
B) $674
C) $634
D) $534
C) $634
True or False : Your credit card can only be used on purchasing items and not to pay bills?
False
Which credit score (and below) usually prohibit you from borrowing any money at all?
620
A person with a associates degree earns $45,000 a year. A person with a high school diploma makes $38,000 a year. How much more does a person with an associate’s degree earn than a person with only a high school diploma over 5 years?
$35,000
Ricardo estimates it will cost $5,000 for his first year of college if he lives at home and attends a local junior college. He has a scholarship worth $750 and a grant for $1,500. He has saved $2,500 from after-school and summer jobs. How much more does he need to pay for his first year of college?
$250
Lee had a checking account balance of $2,547 at the beginning of the month. He deposited $3,312 and had automatic deductions of $843, $414, and $75. He also wrote checks for $50, $320, and $275. What is Lee’s account balance after these transactions?
F) $1,977
H) $5,859
G) $1,332
J) $3,882
J) $3,882
True or False: You can request a credit limit increase for your credit card?
True
Which of the following can have a negative effect on your credit report?
A) having only 2 credit cards
B) having credit cards balances at the credit limit
C) working at the same job for 15 years
D) paying credit card balance each month
B) having credit cards balances at the credit limit
A person with a Bachelors degree will earn $47600 a person with a Masters degree will earn $68100. Based on this salary how much more money would a person with a master’s degree earn than a person with a bachelor’s degree over a 25-year career?
$512,500
Josue is about to enter college at Duke The total tuition for one year is $9,950. He has received financial aid for his first year that is listed below.
Federal PELL grant$1,500 & Work-Study job$2,000
How much Josue have to save of his own money to pay tuition for the year?
$6450