Credit And Savings

40 Questions

Settings
Please wait...
Credit And Savings

The test of your knowledge of Credit and Savings and how you can use it wisely in your life.


Questions and Answers
  • 1. 
    A debit card takes money directly out of your checking account.
    • A. 

      True

    • B. 

      False

  • 2. 
    You use a debit card to pay for things from your checking account & a credit card to pay later.
    • A. 

      True

    • B. 

      False

  • 3. 
    Always paying your bills late is good for your credit score?
    • A. 

      True

    • B. 

      False

  • 4. 
    You can easily get any kind of loan, even if you have no credit history.
    • A. 

      True

    • B. 

      False

  • 5. 
    You are responsible for paying back any fraudulent charges (if victim of identity theft).
    • A. 

      True

    • B. 

      False

  • 6. 
    If you cosign a credit card application, you are not responsible for paying the bill.
    • A. 

      True

    • B. 

      False

  • 7. 
    Consumers typically spend more when using credit as opposed to cash purchases.
    • A. 

      True

    • B. 

      False

  • 8. 
    Should you send cash or a check in the mail?
    • A. 

      Check

    • B. 

      Cash

  • 9. 
    Is it illegal to drive a car without car insurance?
    • A. 

      No

    • B. 

      Yes

  • 10. 
    A DISADVANTAGE to using a debit card is:
    • A. 

      Overdraft Fees

    • B. 

      No annual fee

    • C. 

      Buy Now, Pay Now

    • D. 

      Online Statements

  • 11. 
    When setting money aside for saving and investing, a question to consider is:
    • A. 

      Are you saving money for something you want or need?

    • B. 

      Is the monkey smarter than the fish?

    • C. 

      Am I heading in the right direction?

    • D. 

      Will this be on the test?

  • 12. 
    What are the three main types of credit?
    • A. 

      Leaning, Revolving, Special

    • B. 

      Sales, Cash, and Service

    • C. 

      Good, Bad, Ugly

    • D. 

      Monkye, Tiger, Shark

  • 13. 
    All of the following are advantages to using credit EXCEPT:
    • A. 

      Buy Now, Pay Later

    • B. 

      No Annual Fee

    • C. 

      Use for online purchases

    • D. 

      Cash, Travel, and Gift Rewards

  • 14. 
    Pay Yourself_____!
    • A. 

      Second

    • B. 

      Last

    • C. 

      First

    • D. 

      Never

  • 15. 
    60-20-10 Rule:
    • A. 

      SAVE 60%, SPEND 20%, INVEST 10%

    • B. 

      SPEND 60%,SAVE 20%,INVEST 10%

    • C. 

      INVEST 60%, SAVE 20%, SPEND 10%

    • D. 

      SPEND 60%, INVEST 20%, SAVE 10%

  • 16. 
    How can you establish credit?
    • A. 

      Pay your bills late and every other month

    • B. 

      Spend every dime you have at multiple stores

    • C. 

      Loan money to your friends

    • D. 

      Use layaway plans at stores

  • 17. 
    What is the moral of the credit story?
    • A. 

      Use credit wisely!!!

    • B. 

      SPEND, SPEND, SPEND!!!

    • C. 

      SAVE AND NEVER SPEND!

    • D. 

      Money grows on trees!

  • 18. 
    Don't get into ____!!
    • A. 

      Trouble

    • B. 

      Debt

    • C. 

      Cars with Strangers

    • D. 

      Scary spider infested forests!

  • 19. 
    Paying only the minimum payment on a credit card every month will:
    • A. 

      Let you not pay any interest

    • B. 

      Help you pay off a credit card

    • C. 

      Make the final cost of an item higher than the original

    • D. 

      None of the above

  • 20. 
    Which of the following is NOT a factor in determining a FICO score?
    • A. 

      Paying Cash

    • B. 

      Auto Loan

    • C. 

      Mortage

    • D. 

      Using Credit Cards

  • 21. 
    What is a credit score really measuring?
    • A. 

      Your Knowledge

    • B. 

      Your Income

    • C. 

      Your Debt

    • D. 

      Your Expenses

  • 22. 
    A yearly fee that's charged by credit card company for 'convenience' of a credit card.
    • A. 

      Introductory Rate

    • B. 

      Annual Fee

    • C. 

      Annual Percentage Rate (APR)

    • D. 

      Depreciation

  • 23. 
    A free t-shirt or coupon for pizza is an excellent value when signing up for a credit card!True
    • A. 

      True

    • B. 

      False

    • C. 

      I love me a free t-shirt!!

    • D. 

      Only if it is a 50/50 blend.

  • 24. 
    A calculated number that is supposed to indicate how likely you will repay a debt.
    • A. 

      Credit Report

    • B. 

      Credit Score

    • C. 

      Introductory Rate

    • D. 

      Annual Percentage Rate (APR)

  • 25. 
    Why was money invented?
    • A. 

      It's green

    • B. 

      Convenience

    • C. 

      It looks cool

  • 26. 
    Is it illegal to write a check when you don't have enough money in your checking account?
    • A. 

      Yes

    • B. 

      No

  • 27. 
    Bring your _________________ information to the bank to open an account.
    • A. 

      Report Card

    • B. 

      Social Security Card

    • C. 

      Stamps

    • D. 

      Extra Shoes

  • 28. 
    _________  can pay money for your needs in case of an accident, injury, or illness.
    • A. 

      Doctors

    • B. 

      Checking Acounts

    • C. 

      Insurance

    • D. 

      Parents

  • 29. 
    You have to be very ________________ to use a credit card.
    • A. 

      Rich

    • B. 

      Responsible

    • C. 

      Unhealthy

    • D. 

      Lazy

  • 30. 
    A tool to help you spend and save your money in a smart way is a ________.
    • A. 

      PS4

    • B. 

      Ninja Blender

    • C. 

      Budget

    • D. 

      Calculator

  • 31. 
    You will receive an ______ if you write a check when you do not have enough $$ in your account.
    • A. 

      Oreo cookie

    • B. 

      Overdraft charge

    • C. 

      Oil of olay

    • D. 

      Outstanding checks

  • 32. 
    Because of the Equal Credit Opportunity Act,people cannot be denied credit because of their...
    • A. 

      Age

    • B. 

      Gender

    • C. 

      Race

    • D. 

      All of the above

  • 33. 
    When you put money into your bank account it is called a ________________. 
    • A. 

      Deposit

    • B. 

      Withdrawl

    • C. 

      Endorsement

    • D. 

      Overdraft

  • 34. 
    What is another name for your credit score?
    • A. 

      CREDI

    • B. 

      FEFE

    • C. 

      FIFA

    • D. 

      FICO

  • 35. 
    When you take money out of your bank account it is a _________________.
    • A. 

      Deposit

    • B. 

      Overdraft

    • C. 

      Endorsement

    • D. 

      Withdrawl

  • 36. 
    Banks charge ________________ when they let customers borrow money.
    • A. 

      Interest

    • B. 

      Police

    • C. 

      Credit Cards

    • D. 

      Taxes

  • 37. 
    Using a credit card is essentially-
    • A. 

      Free

    • B. 

      Using someone else's money

    • C. 

      A great idea

    • D. 

      A bad Idea

  • 38. 
    You should choose a credit card based on the card design.
    • A. 

      True

    • B. 

      False

  • 39. 
    Credit cards are a great tool if used correctly. They help you-
    • A. 

      Establish a credit history

    • B. 

      Keep track of your purchases, unlike cash

    • C. 

      Finance larger purchases

    • D. 

      All of the Above