Finance Literacy Final TCU (Locke) – Questions
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Terms in this set (149)
What is normally the most expensive Credit card debt
kind of debt
True or false: True
A high detuctable means lower
monthly premiums
How many % of people don't have 63%
the savings to cover a $500 car repair
or 1k medical bill
What is the percentage of millennials 24%
that demonstrated basic financial
knowledge?
To be financially independent, 5
romana says we should save for a _____
month goal
,True or false : True
You should us an automotive savings
tool. (Automatically pull money into
savings). Never do it manually.
What is a fixed expenditure Basics you need every month that you spend money
on (house, car, food, bills, etc)
How many months of your fixed 9
expenditures should you save for
your emergency fund?
True or false: True
There should be a separate bank
account for each financial goal you
have.
You should add money ___________ to Simultaneously
each financial goal
True or false: True
You should set a time frame for an
emergency fund
Your emergency fund should (always Never
or never) get invested
Liquid means ? Like cash
Your emergency fund needs to be Liquid (like cash)
________
What is a credit? When you make a line of credit to PAY BACK LATER.
You are using money you may not have right now
, You use a credit card to do what? Build a line of credit.
(Higher credit --> higher line of credit)
What should you NOT do with your -get cash out of an ATM because it will charge you
credit card? interest
-don't use checks against credit cards
-don't pay minimum balance
Do debit or credit cards have more Credit
protection?
You should always pay your credit Full ( don't pay minimum balance)
card off in ________ every month
For credit, your goal is to what? NOT have outstanding balance
What does soft inquiry do to your Soft - doesn't impact score
credit and what does hard inquiry do Hard- impacts score
to your credit
What is debit You spend only the amount of money you have in
your bank account
Equal to check and writing a check
For cash advances
Less protection
Use to get money out of ATM
What's the lowest, highest and 300, 850, 695
average credit score
Debit is for or against cash advances For
If you have a higher credit score that Less
means you are a more or less risky
borrower?
With Verified Solutions
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (149)
What is normally the most expensive Credit card debt
kind of debt
True or false: True
A high detuctable means lower
monthly premiums
How many % of people don't have 63%
the savings to cover a $500 car repair
or 1k medical bill
What is the percentage of millennials 24%
that demonstrated basic financial
knowledge?
To be financially independent, 5
romana says we should save for a _____
month goal
,True or false : True
You should us an automotive savings
tool. (Automatically pull money into
savings). Never do it manually.
What is a fixed expenditure Basics you need every month that you spend money
on (house, car, food, bills, etc)
How many months of your fixed 9
expenditures should you save for
your emergency fund?
True or false: True
There should be a separate bank
account for each financial goal you
have.
You should add money ___________ to Simultaneously
each financial goal
True or false: True
You should set a time frame for an
emergency fund
Your emergency fund should (always Never
or never) get invested
Liquid means ? Like cash
Your emergency fund needs to be Liquid (like cash)
________
What is a credit? When you make a line of credit to PAY BACK LATER.
You are using money you may not have right now
, You use a credit card to do what? Build a line of credit.
(Higher credit --> higher line of credit)
What should you NOT do with your -get cash out of an ATM because it will charge you
credit card? interest
-don't use checks against credit cards
-don't pay minimum balance
Do debit or credit cards have more Credit
protection?
You should always pay your credit Full ( don't pay minimum balance)
card off in ________ every month
For credit, your goal is to what? NOT have outstanding balance
What does soft inquiry do to your Soft - doesn't impact score
credit and what does hard inquiry do Hard- impacts score
to your credit
What is debit You spend only the amount of money you have in
your bank account
Equal to check and writing a check
For cash advances
Less protection
Use to get money out of ATM
What's the lowest, highest and 300, 850, 695
average credit score
Debit is for or against cash advances For
If you have a higher credit score that Less
means you are a more or less risky
borrower?
