Financial Literacy Quiz

How many years does bad credit stay on your credit report?

• 5 years

• 7 years

• 10 years

• 12 years

What is a scholarship?

• A loan that needs to be repaid with interest

• Money awarded based on athletic ability requiring repayment

• Money awarded based on academic or other achievement, not requiring repayment

• A grant for starting a business

What credit score is considered "excellent"?

• 650

• 700

• 750

• 800

When can you open a Savings account?

• After getting a job

• At the age of 18

• Anytime

• When you have a certain amount of money

At what age can you open a Checking account?

• 14

• 16

• 18

• 21

What is the difference between a credit union and a bank?

• Banks are non-profit organizations

• Credit unions are owned by the customers

• Banks offer higher interest rates

• Credit unions do not offer loans

Where do you endorse a check?

• On the front of the check

• On the top of the back of the check

• At the bank teller

• On the bottom of the back of the check

What will happen if you do not pay off a Credit Card in full, each month?

• You will get high Interest rates

• You will receive a bonus

• The account will be closed

• You will get a discount on future purchases

What is a Debit Card?

• A card that accumulates points for purchases

• A card issued by a bank that allows the cardholder to use money from their checking account for the purchase of goods and services

• A card that provides cash back on purchases

• A prepaid card that needs to be loaded with funds before use

What is Retirement?

• When you take a long vacation

• When you start a new job

• When someone chooses to permanently stop working, usually after working for many years

• When you graduate from college