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.

Click below for answers.


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.

5. The type of car you own affects the price you pay for auto insurance.


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. If your credit card was lost or stolen and used to charge items

you didn't authorize, you are responsible
for what amount?
a. Up to $50
b. Up to $100
c. Up to $500
d. All unauthorized charges

9. Negative financial information (excluding bankruptcy) can stay on your credit report for:
a. 2 years
b. 5 years
c. 7 years
d. 10 years

10. 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

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

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

13. The recommended gasoline for most cars is regular octane.

14. All telephone numbers that begin with an "8" are toll-free.

15. In financial transactions, a CD is a:
a. Certificate of Debt
b. Certificate of Deposit
c. Citizens Deposit
d. Certificate of Collateral

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

1.   Written order directing a bank or credit union to pay a person or business a specific sum of money.
 a.  Debt
 b.  Check
 c.  Bank
 d.  Credit

2.  Links your checking account to another account-such as savings, credit card, second checking account, or line of credit-and automatically transfers available funds to cover purchases, prevent returned checks and declined items when you don't have enough money in your checking account.
 a.  Certified check
 b.  Overdraft Protection
 c.  Credit Card
 d.  Check Register

3.   The unique number you must use to access your account at an ATM or make a purchase with a debit card. Your ATM number should always be kept confidential.
 a.  Online Banking
 b.  Certificate of Deposit (CD)
 c.  Electronic funds transfer (EFT)
 d.  Personal identification number (PIN)

4.  An electronic machine that bank customers and credit union members can use to withdraw cash and make financial transactions.
 a.  Debt
 b.  Bank
c.  ATM
d.  Check

5.   Signature on the back of a check
 a.  Debt
 b.  Bank Statement
 c.  Credit
 d.  Endorsement


[to come]