Unit 1: Financial Literacy, College and Career Readiness

(6.14B) A _______ card deducts money immediately from your checking account.

(6.14B) True or False, An overdraft fee is an extra charge for using more money than you have in your checking account.

• True

• False

(6.14G) Which of the following are ways you can pay for college/university? (More than one answer)

• Scholarships

• Work-Study

• Retirement

• Loans

• Collection Agency

(6.14C) Which vocabulary term means to put money into an account?

• Withdrawal

• Credit Card

• Deposit

• Check Register

(6.14H) Which word is a synonym for salary?

• Deposit

• Withdrawal

• Income

• Debt

(6.14B) In order to use a Debit Card to pay, what do you need to use?

• Address

• Parent Signature

• Photo ID

• PIN (Personal Identification Number)

(6.14B) True or False: Checks and Debit Cards are NOT connected to your checking account.

• True

• False

(6.14D) Why is it important to establish positive credit history?

• Higher credit scores result in lower interest rates on loans.

• Positive credit history results in higher credit scores.

• You are more likely to be offered a loan by a bank.

• All of the above.

(6.14E) How long will a negative credit action usually remain on a credit report?

• 4 years

• 7 years

• 10 years

• 15 years

(6.14B) Julio paid $35.92 for gasoline with his debit card. Which of the following is an accurate description of Julio's transaction?

• Julio's payment will affect his credit rating.

• Julio might be charged interest for his purchase.

• Julio's linked account will immediately have $35.92 removed.

• Julio will make payment for his purchase when he receives his monthly statement.