Financial Literacy

Front

What is a credit report?

Back

A credit report is a detailed report of an individual's credit history, including information about credit accounts, payment history, and outstanding debts.

Front

Which information is NOT included in a credit report?

Back

A consumer's checking account balance is not included in a credit report.

Front

What is the difference in salary between an electrical engineer and an electrician over a 30-year career?

Back

The electrical engineer makes $1,302,000 more than the electrician over a 30-year career.

Front

How much more does someone in the technology industry make than someone in the financial industry over 10 years?

Back

Someone in the technology industry makes $191,180 more than someone in the financial industry over 10 years.

Front

What is a checking account?

Back

A checking account is a bank account that allows for deposits and withdrawals, typically used for daily transactions.

Front

What is the monthly charge for Bank A's checking account?

Back

Bank A charges $8 per month for its checking account.

Front

What is the percentage charge for Bank B's checking account?

Back

Bank B charges 1% of the account balance.

Front

At what balance does Bank A become a better financial choice than Bank B?

Back

Bank A is a better choice when the account balance is $850 or more.

Front

What is a transaction in banking?

Back

A transaction is any activity that involves the transfer of money, such as deposits, withdrawals, or payments.

Front

How do you calculate the balance after a transaction?

Back

To calculate the balance after a transaction, subtract the amount spent from the previous balance.