GEB 3006 FINANCIAL LITERACY EXAM STUDY GUIDE
financial goal - Answer -revenues > expenses
business - Answer -run your financial life like a:
saver and spender - Answer -the two personality types
3 months - Answer -how long of a time period should money be kept for emergencies
1/3 - Answer -how many Americans have 3 months worth of emergency funds saved?
10-15% - Answer -how much of your income should be kept for emergencies
true - Answer -Americans historically do not save enough money
exponentially - Answer -money grows -
until their 40's - Answer -when do most Americans begin saving their money
warren buffet - Answer -this man states that the biggest mistake people make is not
starting to save early enough
45+ - Answer -students have this long of a investment horizon
Fair and Accurate Reporting Act - Answer -allows for free credit reports once a year
from:
experian
transunion
Equifax
FICO - Answer -Fair Isaac Corporation
FICO - Answer -operates independently from the 3 credit agencies above
740 or above - Answer -the target FICO credit score range
300-850 - Answer -credit score ranges from -
718 - Answer -the average U.S. FICO credit score
65% - Answer -how much of your FICO score is related to your payment history &
outstanding debt
true - Answer -the long the credit history the better
financial goal - Answer -revenues > expenses
business - Answer -run your financial life like a:
saver and spender - Answer -the two personality types
3 months - Answer -how long of a time period should money be kept for emergencies
1/3 - Answer -how many Americans have 3 months worth of emergency funds saved?
10-15% - Answer -how much of your income should be kept for emergencies
true - Answer -Americans historically do not save enough money
exponentially - Answer -money grows -
until their 40's - Answer -when do most Americans begin saving their money
warren buffet - Answer -this man states that the biggest mistake people make is not
starting to save early enough
45+ - Answer -students have this long of a investment horizon
Fair and Accurate Reporting Act - Answer -allows for free credit reports once a year
from:
experian
transunion
Equifax
FICO - Answer -Fair Isaac Corporation
FICO - Answer -operates independently from the 3 credit agencies above
740 or above - Answer -the target FICO credit score range
300-850 - Answer -credit score ranges from -
718 - Answer -the average U.S. FICO credit score
65% - Answer -how much of your FICO score is related to your payment history &
outstanding debt
true - Answer -the long the credit history the better
