GEB 3006 financial literacy exam study
Questions and Answers
financial goal - -revenues > expenses
-business - -run your financial life like a:
-saver and spender - -the two personality types
-3 months - -how long of a time period should money be kept for emergencies
-1/3 - -how many Americans have 3 months worth of emergency funds saved?
-10-15% - -how much of your income should be kept for emergencies
-true - -Americans historically do not save enough money
-exponentially - -money grows -
-until their 40's - -when do most Americans begin saving their money
-warren buffet - -this man states that the biggest mistake people make is not starting to
save early enough
-45+ - -students have this long of a investment horizon
-Fair and Accurate Reporting Act - -allows for free credit reports once a year from:
experian
transunion
Equifax
-FICO - -Fair Isaac Corporation
-FICO - -operates independently from the 3 credit agencies above
-740 or above - -the target FICO credit score range
-300-850 - -credit score ranges from -
-718 - -the average U.S. FICO credit score
-65% - -how much of your FICO score is related to your payment history & outstanding
debt
Questions and Answers
financial goal - -revenues > expenses
-business - -run your financial life like a:
-saver and spender - -the two personality types
-3 months - -how long of a time period should money be kept for emergencies
-1/3 - -how many Americans have 3 months worth of emergency funds saved?
-10-15% - -how much of your income should be kept for emergencies
-true - -Americans historically do not save enough money
-exponentially - -money grows -
-until their 40's - -when do most Americans begin saving their money
-warren buffet - -this man states that the biggest mistake people make is not starting to
save early enough
-45+ - -students have this long of a investment horizon
-Fair and Accurate Reporting Act - -allows for free credit reports once a year from:
experian
transunion
Equifax
-FICO - -Fair Isaac Corporation
-FICO - -operates independently from the 3 credit agencies above
-740 or above - -the target FICO credit score range
-300-850 - -credit score ranges from -
-718 - -the average U.S. FICO credit score
-65% - -how much of your FICO score is related to your payment history & outstanding
debt
