From Dust to Dollars: National Unclaimed Property Day Quiz

1. What is the purpose of National Unclaimed Property Day?

Increase awareness of unclaimed property

Celebrate financial achievements

Promote new investments

Honor state treasurers

Increase awareness of unclaimed property is the purpose of National Unclaimed Property Day. Launched by the National Association of Unclaimed Property Administrators (NAUPA), it encourages individuals to search for unclaimed property held by states and facilitates the return of such assets to their rightful owners.

Explanation

Increase awareness of unclaimed property is the purpose of National Unclaimed Property Day. Launched by the National Association of Unclaimed Property Administrators (NAUPA), it encourages individuals to search for unclaimed property held by states and facilitates the return of such assets to their rightful owners.

2. Which of the following is an example of unclaimed property?

Unpaid credit card bills

Unused gift cards

Unpaid life insurance benefits

Expired coupons

An example of unclaimed property includes unpaid life insurance benefits along with other examples like forgotten bank accounts and uncashed checks. When owners do not initiate any activity for a certain period, companies submit the money or properties to the state, and it is required to be returned to the owner.

Explanation

An example of unclaimed property includes unpaid life insurance benefits along with other examples like forgotten bank accounts and uncashed checks. When owners do not initiate any activity for a certain period, companies submit the money or properties to the state, and it is required to be returned to the owner.

3. Who leads the collaboration efforts among states, businesses, and the public for unclaimed property?

Joseph Heringer

National Association of Unclaimed Property Administrators (NAUPA)

Mic Waugh

North Dakota Unclaimed Property Division

The National Association of Unclaimed Property Administrators (NAUPA) leads and facilitates collaboration among states, businesses, and the public in reuniting unclaimed property with its rightful owner. NAUPA is comprised of the unclaimed property programs of all 50 states, the District of Columbia, and other jurisdictions.

Explanation

The National Association of Unclaimed Property Administrators (NAUPA) leads and facilitates collaboration among states, businesses, and the public in reuniting unclaimed property with its rightful owner. NAUPA is comprised of the unclaimed property programs of all 50 states, the District of Columbia, and other jurisdictions.

4. What should individuals search for on ucpday.com?

Only their current name

Only their maiden name

Only the name of a business or nonprofit

Any combination of their name, maiden name, or business name

Individuals are encouraged to search ucpday.com using their name, maiden name, or the name of a business or nonprofit. The search is free, and it helps individuals identify any unclaimed property held by states, facilitating its return to the rightful owners.

Explanation

Individuals are encouraged to search ucpday.com using their name, maiden name, or the name of a business or nonprofit. The search is free, and it helps individuals identify any unclaimed property held by states, facilitating its return to the rightful owners.

5. What does Joseph Heringer emphasize regarding unclaimed property?

It is an industry secret

States may keep unclaimed property profits

States are required to return it to the owner

Owners must initiate activity for it to be considered unclaimed

Joseph Heringer, administrator of the North Dakota Unclaimed Property Division, emphasizes that states are required to return unclaimed property to its owner, regardless of how long it takes. Unclaimed property includes financial accounts or items of value that owners have not accessed for a specified period.

Explanation

Joseph Heringer, administrator of the North Dakota Unclaimed Property Division, emphasizes that states are required to return unclaimed property to its owner, regardless of how long it takes. Unclaimed property includes financial accounts or items of value that owners have not accessed for a specified period.

6. Nearly how many people in the United States have unclaimed property, as of 2023?

1 in every 5

1 in every 8

1 in every 10

1 in every 15

Nearly 33 million people in the United States, which is 1 in every 10 individuals, have unclaimed property, according to NAUPA's 2023 Reports. This includes financial accounts or items of value that the owner has not accessed for a specified period. When companies cannot locate the owner, the money or properties are submitted to the state.

Explanation

Nearly 33 million people in the United States, which is 1 in every 10 individuals, have unclaimed property, according to NAUPA's 2023 Reports. This includes financial accounts or items of value that the owner has not accessed for a specified period. When companies cannot locate the owner, the money or properties are submitted to the state.

7. When was the first National Unclaimed Property Day launched?

February 1, 2020

February 1, 2021

January 1, 2021

January 1, 2020

The first National Unclaimed Property Day was launched on February 1, 2021, by the National Association of Unclaimed Property Administrators (NAUPA). This day aims to raise awareness of unclaimed property and encourages individuals to search for any property being held by states.

Explanation

The first National Unclaimed Property Day was launched on February 1, 2021, by the National Association of Unclaimed Property Administrators (NAUPA). This day aims to raise awareness of unclaimed property and encourages individuals to search for any property being held by states.

8. What is the website mentioned for searching unclaimed property?

Ucpday.info

Propertysearch.com

Findmyassets.org

Ucpday.com

Individuals are encouraged to search for unclaimed property at ucpday.com. The service is free, and it smoothly facilitates the identification of unclaimed property held by states.

Explanation

Individuals are encouraged to search for unclaimed property at ucpday.com. The service is free, and it smoothly facilitates the identification of unclaimed property held by states.

9. What is the main objective of the National Association of Unclaimed Property Administrators (NAUPA)?

Facilitate collaboration and support program administrators

Increase awareness of financial literacy

Manage state budgets

Distribute unclaimed property profits

The main objective of the National Association of Unclaimed Property Administrators (NAUPA) is to facilitate collaboration and support program administrators in reuniting all unclaimed assets with their rightful owners. NAUPA brings together the unclaimed property programs of all 50 states and other jurisdictions.

Explanation

The main objective of the National Association of Unclaimed Property Administrators (NAUPA) is to facilitate collaboration and support program administrators in reuniting all unclaimed assets with their rightful owners. NAUPA brings together the unclaimed property programs of all 50 states and other jurisdictions.

10. How much unclaimed property was returned to rightful owners in FY 2020?

$1.5 billion

$2.87 billion

$5 million

$10 million

In FY 2020, state unclaimed property offices returned more than $2.87 billion in unclaimed property to its rightful owners, according to the NAUPA annual report. This significant amount reflects the efforts of states, businesses, and the National Association of Unclaimed Property Administrators (NAUPA) in reuniting individuals with their unclaimed assets.

Explanation

In FY 2020, state unclaimed property offices returned more than $2.87 billion in unclaimed property to its rightful owners, according to the NAUPA annual report. This significant amount reflects the efforts of states, businesses, and the National Association of Unclaimed Property Administrators (NAUPA) in reuniting individuals with their unclaimed assets.