Question 1

Which of the following typically offers lower costs for financial services (checking accounts or loans,for example)?&#10;A) Banks&#10;B) Credit unions

Accepted Answer

Credit unions typically offer lower costs for financial services such as checking accounts or loans compared to banks. This is because credit unions are not-for-profit organizations that return profits to their members in the form of lower fees and better rates.

Question 2

The benefit of qualifying for grants and student loans is that you don't need to pay them back.

Accepted Answer

Grants typically do not need to be repaid, but student loans do need to be repaid with interest.

Question 3

Managing money is a skill as important and challenging as reading and writing.

Accepted Answer

Managing money effectively requires understanding and applying various financial concepts and principles, making it a complex skill akin to literacy and numeracy.

Question 4

According to a source at the University of Indiana,credit card debt can be more dangerous to your college success than academic failure.

Accepted Answer

Credit card debt can lead to financial stress which may distract students from their studies, potentially causing them to work more hours to pay off debt and have less time for academics, thereby posing a significant risk to their college success.

Question 5

If you make poor choices with your credit card in college,what consequences could result?&#10;A) You could have trouble purchasing a home or a car.&#10;B) You could lose out on a job.&#10;C) You could be charged higher interest rates on future credit cards.&#10;D) All of the above.

Accepted Answer

Poor credit choices can lead to a lower credit score, which can affect your ability to purchase a home or car, impact job opportunities, and result in higher interest rates on future credit cards.

Deck 1: Money Matters