Financial Literacy

Can a debit card cause debt?

• Yes

• No

Which of the following is a common consequence of not paying off credit card debt on time?

• increased savings

• reduced interest rates

• higher credit limit

• lower credit score

Which is a true statement about debit and credit cards?

• Debit cards normally don’t give any benefits

• Credit Cards build credit history

• Multiple chances to get benefits with Credit Cards

• All of the above

How many forms of interest were mentioned in this presentation?

• 2

• 3

• 4

• 1

Which statement is true about compound interest

• Calculates interest on both the initial amount & the accumulated interest.

• Interest applies solely to the loan principal, disregarding past factors.

• Compound interest excludes interest from the previous year.

• None