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Financial Literacy Final Exam Review (Part 2) Questions and Answers
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What are the three main credit reporting agencies? - Answer-Experian Transunion Equifax What is your credit score? - Answer-(Financial Grade): A calculated score that measures an individual's creditworthiness; two main types of credit scores are the FICO score and the Vantage score. Ho...

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  • October 13, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy final exam review part 2 ques
  • what are the three main credit reporting agencies

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Final Exam Review
(Part 2) Questions and Answers
What are the three main credit reporting agencies? - Answer-Experian

Transunion

Equifax

What is your credit score? - Answer-(Financial Grade): A calculated score that
measures an individual's creditworthiness; two main types of credit scores are the FICO
score and the Vantage score.

How do you develop credit history? - Answer-Form Credit: Get phone/car bills in your
name, credit cards, student loans, making payments on time.

How will a low credit score affect you? - Answer-Increases the interest rates you have to
pay. No one will loan you money. Effects you financially. Be denied credit. A low score
indicates to lenders that you are a high risk borrower and they not be willing to lend you
money. More expensive to obtain credit. Harder to get loans. Trouble getting a job,
renting, and higher insurance premiums.

What is the purpose of insurance? - Answer-To transfer risk

What is the minimum type of insurance required for automobiles? - Answer-Liability
insurance

As a young adult, what are the two most types of insurance coverage? - Answer-
Automobile and health

Define deductible, as related to insurance policies. - Answer-Money you pay first before
coverage begins.

Define premium as related to insurance policies. - Answer-Cost of insurance policy.

What are the critical elements of a SMART goal? - Answer-Specific
Measurable
Attainable
Realistic
Timely

Why should you create a spending plan? - Answer-Allows you to create budget for your
money, it ensures that you will always have enough money for the things you need and
things that are important to you.

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