Credit Basics
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Think you know the some basic financial information? Try this quiz and see if you do. . . .
- 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.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
- 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.
None of the above
- 4.Negative financial information (excluding bankruptcy) can stay on your credit report for:
- A.
2 years
- B.
5 years
- C.
7 years
- D.
10 years
- 5.In financial transactions, a CD is:
- A.
Certificate of Debt
- B.
Certificate of Deposit
- C.
Citizens Deposit
- D.
Certificate of Collateral
- 6.The "Rule of 72" tells you how long it will take to double your money.
- A.
True
- B.
False
- 7.What do "points" refer to in the home mortgage application process?
- A.
One point equals 1% of the purchase price, paid to the seller
- B.
One point equals 1% of the purchase price, paid the lender
- C.
One point equals 1% of the loan amount, paid to the lender
- 8.By using unit pricing at the grocery store, you can easily compare the cost of any brand and any package size.
- A.
True
- B.
False
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