Test your Financial Literacy Knowledge

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How well do you understand personal finance concepts like credit scores, retirement savings, and taxes? This quick quiz will test your knowledge. Check our e-Newsletter next week for answers!

Email *

1. Which factor can negatively affect your credit score? *

A. Closing a credit card account with zero balance

B. Enrolling in life insurance

C. Marrying someone with a low credit score

D. Being a day late on your credit card payment

E. All of the above

2. Who may request access to your credit score? *

A. Your employer

B. Your student loan provider

C. Your auto insurance company

D. Your landlord

E. All of the above

3. Where can you obtain a FREE copy of your credit report? *

A. FDIC.gov

B. Your bank

C. Annualcreditreport.com

D. Your credit card company

E. All of the above

4. Other than the price of the car, what other factors are used in calculating a car loan payment? *

A. Interest rate, level of insurance, length of the loan

B. Interest rate, credit score, length of the loan

C. Interest rate, credit score, level of insurance

D. Credit score, level of insurance, length of the loan

E. Interest rate, driving record, length of the loan

5. When do you start owing federal and state income taxes? *

A. Age 18

B. With your first paycheck

C. When your income reaches a certain level

D. Never, as long as you live at home with a parent/guardian

E. Never, as long as you are paid in cash

6. What taxes can be taken out of your paycheck? *

A. Federal income

B. State income

C. FICA - Social Security and/or Medicare

D. All of the above

E. A & B only

7. When you direct 10% of each paycheck into a savings account, what is this strategy called? *

A. Dollar-cost averaging

B. Cash flow analysis

C. Asset management

D. Portfolio diversification

E. Pay yourself first

8. What is the most likely reason for a budget to fail? *

A. Low interest rates

B. Impulse purchase

C. Not using personal finance software to track expenses

D. Failure to establish an emergency fund for unforeseen expenses

E. Making bad investments

9. When can contributions to a Roth IRA be withdrawn tax-free and without penalty? *

A. At age 59.5

B. 5 years after you start contributing

C. At age 65

D: If you're unemployed

E: Anytime

10. What is a 401(k) plan? *

A. A retirement savings plan offered by employers

B. A savings account offered by the federal government

C. A meal plan offered by colleges

D. A checking account that pays interest

E. A college savings account

A copy of your responses will be emailed to the address you provided.

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