Action Bridge Financial Literacy Quiz

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What Would you consider an excellent credit score *

1 point

400-550

800-850

551-699

700-799

Other:

You should at least have how much in your emergency fund? *

1 point

1 Paycheck

1 year of expenses

$10,000

3 months of expenses

Other:

If you have a 15 year mortgage, your payment will be higher than a 30 year mortgage, but you'll pay less interest. *

1 point

True

False

Other:

If you have an annual saving goal of $3000 how much will you need to save per month? *

1 point

$200

$150

$250

$300

Other:

What does it mean to be on a budget? *

1 point

You limit your spending based on how much income you have

You keep track of where your money is spent

You regularly track your spending to see how well you're doing

All of the above

Other:

If You have different kind of debt, which should be paid off first? *

1 point

The debt that's the largest

The debt you've had the longest

The debt with highest interest rate

The debt with the lowest interest rate

Other:

Which of the following statements best describes your right to check your credit history for accuracy? *

1 point

a.) Your credit record can be checked once a year for free.

b.) You cannot see your credit record.

c.) All credit records are the property of the U.S. Government and access is only available to the FBI and Lenders.

d.) You can only check your record for free if you are turned down for credit based

Other:

If you take out a $2000 loan and have a 20% compound interest rate. Assuming you make no payments, how long until the debt amount doubles? *

1 point

4 years

10 years

15 years

7 years

Other:

At what age should you begin saving for retirement? *

1 point

In your 40s

As early as possible

In your 50s

In your 30s

Other:

Ideally, what is the highest amount of your credit limit that you should use? *

1 point

75%

33%

50%

Other:

If you have $100 in savings and you earn a 2% interest rate every year. How much money will you have in 5 years? *

1 point

$110.40

$211.50

$100.80

$120

Other:

Sara and Joshua just had a baby. They received money as baby gifts and want to put it away for the baby’s education. Which of the following tends to have the highest growth over periods of time as long as 18 years? *

1 point

a.) A checking account.

b.) Stocks

c.) A U.S. Govt. savings bond.

d.) A savings account

Other:

At least how much of your income should put in a 401k or retirement plan *

1 point

10%

15%

Other:

If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance? *

1 point

a.) An elderly retired man, with a wife who is also retired.

b.) A young married man without children.

c.) A young single woman with two young children

d.) A young single woman without children.

Other:

Do you have a retirement plan? *

Yes

Other:

What's your age group? *

25 or younger

26-35

36-45

over 46

Other:

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