Master your Money - Quiz

Which of the following statements is NOT correct about most ATM (Automated Teller Machine) cards?

• You can generally get cash 24 hours per day.
• You must have a bank account to have an ATM Card
• You can get cash anywhere in the world with no fee
• You can generally obtain information concerning your bank balance at an ATM machine.

If your credit card is stolen and the thief runs up a total of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be forced to pay according to federal law?

• none
• $50
• $1000
• $500

Which of the following credit card users is likely to pay the GREATEST dollar amount in finance charges per year if they all charge the same amount per year on their cards?

• Paula who only pays the minimum amount each month.
• Ellen who always pays off her credit card bill in full.
• Barbara, who generally pays off her credit card in full but occasionally pays the minimum.
•  Nancy, who pays at least the minimum amount each month and more

Kevin has saved $9,000 for his college expenses. Which of the following is the safest place for his college money?

• savings account
• corporate bonds
• stocks
• locked in his closet at home

Your take home pay from your job is less than the total amount you earn. Which of the following best describes what is taken out of your total pay?

• federal income tax, property tax, and Medicare and Social Security contributions
• Social Security and Medicare contributions
• federal income tax, Social Security and Medicare contributions
• federal income tax, sales tax, and Social Security contribution

If you went to college and earned a four-year degree, how much more money could you expect to earn than if you only had a high school diploma?

• I would make about the same either way
• about twice as much
• a lot--more than $10,000
• A little more, about two percent more

Which of the following statements is true?

•  If you missed a payment more than two years ago, it cannot be considered in a loan decision.
• People have so many loans it is very unlikely that one bank will know about them all.
• Banks and other lenders share the credit history of their borrowers with other lenders.
• Your bad loan payment record with one bank will not be considered if you apply to another bank for a loan.

If you had a savings account at a bank, which of the following would be correct concerning the interest that you would earn on this account?

• You cannot earn interest until you turn 18.
• Income tax may be charged on the interest if your income is high enough.
• Sales tax may be charged on the interest that you earn.
• Earnings from savings account interest may not be taxed.

Marie has just applied for a credit card. She is an 18-year-old high school graduate with few valuable possessions and no credit history. If Maria is granted a credit card, which of the following is the most likely way that the credit card company will reduce its risk?

• It will start Marie out with a small line of credit.
• It will charge Marie a higher finance charge rate.
• It will require Marie to have someone over 21 to co-sign for the card.
• all of the above

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

• Your credit record can be checked at any time for free
• You can check your credit report for free once a year.
• All credit records are the property of the U.S. government and access is only available to the FBI and lenders.
• You cannot see your credit record.