Financial Literacy Quiz--What's Your Score...

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. Keep track of your choices -- you'll find the answers at the end. Good luck!

 


 

Questions


  1. A credit report is:
    1. A list of your financial assets and liabilities
    2. Your monthly credit card statement
    3. A loan and bill payment history
    4. Your credit line with your financial institution

  2. In terms of credit, what does APR stand for?
    1. Annual Percentage Rate
    2. Annual Penalty Rate
    3. Annual Payment Rate
    4. Annual Payoff Rate

  3. Who insures your stocks in the stock market?
    1. The Federal Deposit Insurance Corporation
    2. The Securities and Exchange Commission
    3. The U.S. Department of the Treasury
    4. No one

  4. Federal law gives you three days to cancel the purchase of a new or used car from a dealer.
    1. True
    2. False

  5. The type of car you own affects the price you pay for auto insurance.
    1. True
    2. False

  6. A reverse mortgage is:
    1. A rising debt loan
    2. Only available to someone 62 years of age or older
    3. Generally not tied to income
    4. All of the above

  7. How many days does a creditor have to acknowledge your written complaint about a billing error?
    1. 30 days
    2. 60 days
    3. 90 days
    4. 120 days

  8. If your credit card was lost or stolen and used to charge items you didn't authorize, you are responsible for what amount?
    1. Up to $50
    2. Up to $100
    3. Up to $500
    4. All unauthorized charges

  9. Negative financial information (excluding bankruptcy) can stay on your credit report for:
    1. 2 years
    2. 5 years
    3. 7 years
    4. 10 years

  10. What do "points" refer to in the home mortgage application process:
    1. One point equals 1% of the purpose price, paid to the seller
    2. One point equals 1% of the purchase price, paid to the lender
    3. One point equals 1% of the loan amount, paid to the seller
    4. One point equals 1% of the loan amount, paid to the lender

  11. Each state has a law that lets pharmacists substitute less expensive generic drugs for many brand name products.
    1. True
    2. False

  12. By using unit pricing at the grocery store, you can easily compare the cost of any brand and any package size.
    1. True
    2. False

  13. The recommended gasoline for most cars is regular octane.
    1. True
    2. False

  14. All telephone numbers that begin with an "8" are toll-free.
    1. True
    2. False

  15. In financial transactions, a CD is a:
    1. Certificate of Debt
    2. Certificate of Deposit
    3. Citizens Deposit
    4. Certificate of Collateral

  16. The "Rule of 72" tells you how long it will take to double your money.
    1. True
    2. False

 

View the Answers

If you have any questions or want to learn more, a representative at HUECU can help. Stop by any of our branch locations, email us or call today at (617) 495-4460.

 

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