Credit And Savings

40 Questions | Total Attempts: 16

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Credit And Savings

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


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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