Financial Literacy

True or false?

If you opt out of overdraft protection (meaning you DON'T have overdraft protection) on your checking account and you try to make a purchase that exceeds the amount in your account, your card will decline.

• True

• False

True or False? If you are still enrolled in college, your parents health insurance will cover you until you're the age 24.

• True

• False

True or False? Regular savings accounts have penalties to withdraw your money.

• True

• False

Interest that accumulates on both principal and accumulated interest is called

• exponential interest

• 401k interest

• compound interest

• regulatory interest

True or False? You must have a bank account to have a debit card.

• True

• False

True or False? You only need to worry about identity theft if you have a lot of money.

• True

• False

How long should you wait to report a lost or stolen card?

• Report it immediately.

• By the end of the current business day.

• At the end of the week.

• At the end of the billing cycle.

Which is an example of an expected expense?

• Your monthly bus pass.

• Repairing a damaged bike tire.

• A trip to the vet with a sick pet.

• A doctor's co-pay when you have a sore throat.

True or False? You can request a credit report from all 3 credit bureaus once a year for free.

• True

• False

True or False? You only need a "will" if you own a house.

• True

• False