IDA Orientation Quiz (For Homeownership Savers)

8 Questions | Total Attempts: 108

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IDA Quizzes & Trivia

This quiz will test your knowledge of the concepts you learned in EARN's online IDA orientation. You will need to complete the quiz in order to continue on in the EARN program. To pass the quiz, you will need to receive a score of 80 or above. If your score is lower than 80, we strongly encourage you re-take the quiz or watch the IDA orientation video again, if necessary. Good luck!


Questions and Answers
  • 1. 
    If I am currently attending graduate school or already have a graduate degree (Master’s, PhD, MBA, etc.), I may qualify for an Individual Development Account (IDA) with EARN.
    • A. 

      True

    • B. 

      False

  • 2. 
    All of my income comes from government benefits, such as unemployment benefits, disability benefits, or SSI. No one in my household is currently working or self-employed.  I may still qualify for an Individual Development Account (IDA) with EARN.
    • A. 

      True

    • B. 

      False

  • 3. 
    After finishing this quiz, I need to take these next steps towards opening my IDA account.
    • A. 

      Attend one Personal Finance Workshop

    • B. 

      Attend a minimum of two Personal Finance Workshops

    • C. 

      Attend three Personal Finance Workshops

    • D. 

      Fill out paperwork and submit income documentation

    • E. 

      B and D

    • F. 

      C and D

  • 4. 
    My IDA will be closed if I miss more than this number of deposits in a calendar year.
    • A. 

      2

    • B. 

      3

    • C. 

      4

    • D. 

      5

  • 5. 
    If I have fulfilled my goal’s requirements and saved in my IDA for 6 months, I can start investing towards my goal.
    • A. 

      True

    • B. 

      False

  • 6. 
    Who will EARN write checks to when I start to use my IDA funds?
    • A. 

      Vendors

    • B. 

      My pet's trust fund

    • C. 

      My personal checking account

  • 7. 
    If homeownership is my goal, I can only use the funds for closing cost or down payment only
    • A. 

      True

    • B. 

      False

  • 8. 
    What type of training do I need to complete in order to use my IDA to buy a house?
    • A. 

      8 hours of Real Estate Training

    • B. 

      Chess training because learning strategic moves will give me the ability to deal with the realtor and lender

    • C. 

      6 hours of First Time Home Buyer Training at a HUD-approved housing counseling agency

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