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Financial Literacy Quiz—What’s Your Score?
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Test your financial literacy. Why? Because without a good handle on personal finances, we make poor spending decisions, don’t save for emergencies, max out several credit cards, pay higher interest rates, have our identities stolen, make poor investment choices, and underestimate our financial needs in retirement.
So take the quiz. It will help you determine what you know and what you don’t know so you can take important steps toward improving your financial future.
Questions
1. A credit report is:
a. A list of your financial assets and liabilities
b. Your monthly credit card statement
c. A loan and bill payment history
d. Your credit line with your financial institution
2. In terms of credit, what does APR stand for?
a. Annual Percentage Rate
b. Annual Penalty Rate
c. Annual Payment Rate
d. Annual Payoff Rate
3. Who insures your stocks in the stock market?
a. The Federal Deposit Insurance Corporation
b. The Securities and Exchange Commission
c. The U.S. Department of the Treasury
d. No one
4. Federal law gives you three days to cancel the purchase of a new or used car from a dealer.
True
False
5. The type of car you own affects the price you pay for auto insurance.
True
False
6. A reverse mortgage is:
a. A rising debt loan
b. Only available to someone 62 years of age or older
c. Generally not tied to income
d. All of the above
7. How many days does a creditor have to acknowledge your written complaint about a billing error?
a. 30 days
b. 60 days
c. 90 days
d. 120 days
8. Negative financial information (excluding bankruptcy) can stay on your credit report for:
a. 2 years
b. 5 years
c. 7 years
d. 10 years
9. What do “points” refer to in the home mortgage application process:
a. One point equals 1% of the purpose price, paid to the seller
b. One point equals 1% of the purchase price, paid to the lender
c. One point equals 1% of the loan amount, paid to the seller
d. One point equals 1% of the loan amount, paid to the lender
10. The “Rule of 72” tells you how long it will take to double your money.
True
False
Click here for the Answer key.
