4 Corner Stones: Common Cents part I
4 Corner Stones: Common Cents Part I
Test your financial knowledge with our engaging quiz designed to help you understand the essentials of budgeting, credit scores, and loans. This quiz consists of 11 questions that will challenge your understanding of financial concepts.
- Learn about savings plans and debt management.
- Understand the differences between unsecured and secured loans.
- Discover how credit scores are calculated.
1. What are the FOUR money plans to keep in mind when budgeting to create savings?
Spending plan, Party plan, Debt plan, and Savings plan.
Income plan, Savings plan, Spending plan, and Debt plan.
Savings plan, and Spending plan
Grocery plan, Social plan, Private plan and credit card plan
What is an Installment loan?
A type of agreement that requires the borrower to go to a branch bank and install the credit.
A loan that is installed into other existing loans
A type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments;
A loan that requires you to pay installments before you are granted a line of credit
What is a Revolving loan?
A form of credit issued by a financial institution that provides the borrower with the ability to draw down or withdraw, repay, and withdraw again
A form of credit issued by a financial institution that revolves around a borrower’s savings account.
A form of credit issued by a financial institution that will continuously be added on to a borrowers account for the borrower’s entire life span.
A form of credit issued by a financial institution that provides the borrower with the ability to always spend their credit limit no matter their credit balance.
What is the difference between an Unsecured and a Secured debt?
A secured debt is secure, while an unsecured debt leaves your identity vulnerable.
A secured debt is backed up by things you own, while a unsecured debt is backed up by a contract.
A secured debt is credit given by big banks, while an unsecured debt is credit given by small credit unions.
A secured debt HAS to be paid, while an unsecured debt never has to be paid.
Examples of Priority unsecured debt? Select all that apply
Student Loans
Unpaid Taxes
Unpaid child support
Unpaid Gambling money
Jewelry left at a pawn shop
Furniture left of layaway
What directly impacts your credit score from least to most?
Employment, health insurance, collections, and judgments.
# of accounts, balances, # of assets, and # of liabilities.
Payment history, the amount owed, Length of credit history, Types of Credit, and New Credit.
Too many inquiries in less than 30 days, credit diversity, employment, and address changes.
How long do collection accounts stay on a credit report?
Forever
12 years
7 years
8 months
Every month that you carry over a credit balance you are charged a % of interest/APR.
True
False
Before you are granted a basic line of credit, the lender takes a look at these 4 things:
Capital, Savings, Favorite color, & marriage status
Capacity, Character, Conscience, & zip code
Collateral, Capacity, Capital & stocks
Capacity, Collateral, Capital, & Credit history
Where can you access ONE FREE CREDIT REPORT anually?
Creditkarma.com
Community Action Duluth
Just apply for a new credit line and ask the creditor.
Www.annualcreditreport.com
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