Bugeting
Credit
Safety
Values
Bonus
100
What is a budget?
It is a plan for meeting expenses and saving money.
100
What is Credit? Is a debit card a form of credit?
Credit: A deferred payment. It needs to be pay back. Debit card is not a form of credit card. You using your won money, you are not borrowing.
100
True or False: You should always carry your Social Security Card with you in case of an emergency.
False. You should not carry your SSN card, its a unique identifying number only assigned to you.
100
True or False: Impulse shopping can undermine savings goals.
Ture; You will end up spending more on something that you do not need.
100
Budgeting encourages financial independence?
True.
200
Give me an example of needs vs wants?
Needs: Shelter, Food, Water and Modest clothing. Wants: Jewelry, Eating out, Vacations and Video Games.
200
What is a Credit Report? what is shown on the Credit Report?
It is similar to a report card. It provides with a grade based on how well or how poor one manages one's credit. It shows your payments and late payments, such as Mortgage, Car Payment, Student loans and Credit Cards. It also reports your credit score. Perfect credit score is 850. Ideally your credit score should be above 660-700.
200
Who should you share your ATM PIN number with? A. Your Parents B. Close Friends C. Your best friend D. No one
D. No one.
200
True or False: You have less money on hand to spend when you have credit card debt.
True.
200
Name three things that you can do to help improve your credit score.
1. Make your payment on time. 2. Avoid exceeding your credit limit. 3. Check your credit score at least once a year. 4. Keep account balance below 30% of their limit.
300
True or False: Budgets are not inflexible, painful and no fun process.
False.
300
Name the person or organization who may want permission to check your credit report?
1. A landlord 2. A potential employer 3. An insurance company 4. Banks and Credit Card Company
300
What should you do if you lose your ATM card? A. Wait couple days before you call your bank, because you might find it later. B. Ask your friends and relatives if they have seen it C. Call your bank immediately to deactivate the card
C. Call your bank immediately to deactivate the card
300
Are student loans a good investment? A. Yes B. No
A. Yes, student loans are flexible, they offer deferred payment for six months after graduation and in the event of an emergency. The also have very low interest rates.
300
What is so important about our Mother's Maiden Name? A. A mother's maiden name is a key piece of information needed to obtain an original birth certificate. B. It can be used by perpetrators for a complete identity " takeover" C.There is nothing important about your mother's maiden name. D: A and B
Answer: D: A and B
400
A budget keeps track of two basic things. what are they?
Income, allowance, salary. Expenses, needs/wants.
400
Name three major credit reporting bureaus?
1. Equifax 2.Transunion 3. Experian You are entitle to one free copy of your credit report every 12 months from each of the three nationwide credit companies.
400
Which of the following you should NOT do while shopping online? A. Give out your bank account numbers B. Print a copy of your order C. Use a credit card D.Check shipping fees
A. Give out your bank account numbers
400
Should you use loans to cover the emergencies? A. Yes B. No
No, loans should not be used to cover the costs of emergencies. You should always have savings account for emergencies.
400
Does saving money raise your credit score?
No, saving money is not linked to your credit report. Thus, saving money will not raise your credit score.
500
Give an example of fixed and variable expenses?
Fixed: Rent, Mortgage, Car Payment, School loans Variable: Electricity, Telephone, Gas and Groceries
500
True or False: A library fine could affect my credit score?
True. Unpaid government fines like parking tickets and unreturned library books gets sent to collection agency and can hurt your credit. Reports can stay up to 7 years on your credit report.
500
True or False: Criminal seek teen identities because the theft CAN go undetected for a years.
True. Criminals seek out teens because their credit sits unused until he or she is old enough to obtain a credit card or student loan. By the time it's been discovered, it will be too late.
500
Why it is important to manage your credit wisely?
To have more credit opportunities, better interest rates on mortgage applications, car loans, student loans, more employment and housing rental options.
500
True or False: Purchases on credit CAN cost more than cash purchases.
True. Credit Card comes with interest rate and annual fees.
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