Everfi Module 3: Ways to Pay
Directions: Using the information from Lesson 3: Ways to Pay to answer the questions
below. Make sure to change the font color of your answers to red. The questions go in
the order of the material.
1. What are wages?
a.
2. What is a salary?
a.
3. What is a stipend?
a.
4. What are three ways you can receive income from work?
a.
b.
c.
5. What is a debit card?
a.
6. What is a credit card?
a.
7. How can Trevor build credit early on?
a.
8. Why can Trevor put his plane ticket on a credit card considering he doesn’t have money
in his bank account to pay for it?
a.
9. When Trevor uses his credit card, what is he doing?
a.
10. How do credit cards work?
a.
11. What is the grace period on a credit card?
a.
12. By law the bank must provide at least ________ days for the bill to arrive and when it is
to be paid.
13. You will receive a statement each month with a list of the charges. You’ll have the option
to pay the balance in _________or pay what you can as long as it is greater than or equal
to the minimum payment
14. If you pay less than the total credit card balance, you will start to pay ______________.
15. What is interest?
a.
16. How can you build up your credit score?
a.
17. What is a credit score?
a.
18. What five factors that go into your credit score?
a.
b.
c.
d.
e.
19. _____________ has the biggest impact on your credit score. (payment history)
20. What are credit bureaus?
a.
21. Identify a Tip when using credit:
a.
22. What is a fixed expense and give an example?
a.
b.
23. What are gross wages?
a.
24. What is withheld tax?
a.
25. What is Medicare tax?
a.
26. What is social security?
a.
27. What is federal income tax?
a.
28. What is state Income tax?
a.
29. What is net pay?
a.
30. What is a saving strategy?
a.
31. What is direct deposit?
a.
32. What is a credit limit?
a.
33. What is the minimum payment?
a.
34. What is the annual percentage rate (APR)?
a.
35. What is the minimum payment warning?
a.
36. What is an annual fee?
a.
37. What is a credit tip:
a.
38. What is a prepaid card?
a.
39. What types of fees can you be charged with having a prepaid cards?
a.
b.
c.
40. What is a payday loan?
a.
41. How is a payday loan different than a regular loan?
a.
42. What are some additional money tips?
a.
b.
c.
