4 Corner Stones: Common Cents part I

A visually engaging image that represents budgeting and financial literacy, featuring icons of money, credit, loans, and graphs illustrating savings and expenses.

4 Corner Stones: Common Cents Part I

Test your financial knowledge with our engaging quiz designed to help you understand the essentials of budgeting, credit scores, and loans. This quiz consists of 11 questions that will challenge your understanding of financial concepts.

Learn about savings plans and debt management.
Understand the differences between unsecured and secured loans.
Discover how credit scores are calculated.

11 Questions3 MinutesCreated by SavingWise21

1. What are the FOUR money plans to keep in mind when budgeting to create savings?

Spending plan, Party plan, Debt plan, and Savings plan.

Income plan, Savings plan, Spending plan, and Debt plan.

Savings plan, and Spending plan

Grocery plan, Social plan, Private plan and credit card plan

What is an Installment loan?

A type of agreement that requires the borrower to go to a branch bank and install the credit.

A loan that is installed into other existing loans

A type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments;

A loan that requires you to pay installments before you are granted a line of credit

What is a Revolving loan?

A form of credit issued by a financial institution that provides the borrower with the ability to draw down or withdraw, repay, and withdraw again

A form of credit issued by a financial institution that revolves around a borrower’s savings account.

A form of credit issued by a financial institution that will continuously be added on to a borrowers account for the borrower’s entire life span.

A form of credit issued by a financial institution that provides the borrower with the ability to always spend their credit limit no matter their credit balance.

What is the difference between an Unsecured and a Secured debt?

A secured debt is secure, while an unsecured debt leaves your identity vulnerable.

A secured debt is backed up by things you own, while a unsecured debt is backed up by a contract.

A secured debt is credit given by big banks, while an unsecured debt is credit given by small credit unions.

A secured debt HAS to be paid, while an unsecured debt never has to be paid.

What directly impacts your credit score from least to most?

Employment, health insurance, collections, and judgments.

# of accounts, balances, # of assets, and # of liabilities.

Payment history, the amount owed, Length of credit history, Types of Credit, and New Credit.

Too many inquiries in less than 30 days, credit diversity, employment, and address changes.

Before you are granted a basic line of credit, the lender takes a look at these 4 things:

Capital, Savings, Favorite color, & marriage status

Capacity, Character, Conscience, & zip code

Collateral, Capacity, Capital & stocks

Capacity, Collateral, Capital, & Credit history

Where can you access ONE FREE CREDIT REPORT anually?

Creditkarma.com

Community Action Duluth

Just apply for a new credit line and ask the creditor.

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4 Corner Stones: Common Cents part I

4 Corner Stones: Common Cents Part I

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