Financial Literacy FINAL (MS)

What has the most positive impact on your credit score?

• Closing all credit accounts
• Ignoring credit card bills
• Applying for multiple credit cards at once
• Making on-time payments

What is NOT found in your credit report?

• The average age of your credit accounts

• Your credit payment history

• The average age of your credit accounts

• Your checking account balance history

FICO credit score range is what?

• 300 to 850
• 500 to 950
• 200 to 800
• 400 to 900

1040 form is used for what?

• Applying for a passport
• Filing individual federal income tax returns. Figuring out if you owe additional taxes or if you are owed a refund.

• Renewing a driver's license
• Filing state income tax returns

Who will pay the LEAST interest for their purchases on their credit cards amongst these college freshmen?

• The college freshman who pays off their credit card balance in full each month.
• The college freshman who ignores their credit card statements.
• The college freshman who uses their credit card for all purchases.
• The college freshman who only pays the minimum balance each month.

What is compound interest?

• Compound interest is the interest calculated only on the initial principal.
• Compound interest is the interest calculated on the final amount after a certain period.
• Compound interest is the interest calculated on the initial principal and also on the accumulated interest of previous periods.
• Compound interest is the interest calculated on a decreasing principal amount.

How is investing in stock different from saving in a bank account?

• Investing in stock offers lower returns and is safer than saving in a bank account.
• Investing in stock does not involve ownership in a company.
• Saving in a bank account involves ownership in a company with higher returns and risks.
• Investing in stock involves ownership in a company with higher returns and risks, while saving in a bank account offers lower returns but is safer.

Maya got her first job ever working at Brown Cow. All of these options will be deducted from her paycheck EXCEPT....

• Employee discount on ice cream
• Medicare

• Federal taxes

• Social Security

Leila just started her first job at The Park District of Oak Park as a Life Guard. Which tax paperwork does she have to fill out on her first day on the job?

• W-4 form

• 1099 form

• W-2 form

• I-9 form

All of these are benefits of mobile banking EXCEPT......

• Easy access to account information

• Increased risk of fraud
• Convenient

• You can deposit your check using your phone's camera and the bank's app