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Test Your Financial Literacy

Time to have some fun!  How much do you really know about money?  DO NOT Google any answers.  Let's see how much you really know.  Nervous yet?

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Question 1 of 13

What is your first and last name?

Question 2 of 13

What is your age?

A

18-25

B

26-40

C

41-59

D

60-74

E

75+

Question 3 of 13

Suppose you have $1,000 you want to invest.  Which would be a safer way to invest?

A

Put your money in one investment

B

Put your money in more than one investment

C

I don't know

Question 4 of 13

Will applying for a new credit card hurt your score?

A

Yes

B

No

C

Only if you get approved

D

I don't know

Question 5 of 13

Suppose you deposit $100 in a savings account paying 10% interest, compounded annually, and you do not remove any money.  How much money will you have in the account after five years if you do not remove any?

A

More than $150

B

Exactly $150

C

Less than $150

D

I don't know

Question 6 of 13

Supposed you need to borrow $100.  Which is the lower amount to pay back?

A

$110

B

$100 plus 3%

C

I don't know

Question 7 of 13

Imagine your savings account is earning 1% per year and inflation is 2% per year, both compounded annually.  After one year, how much would you be able to buy with the money in this account?

A

More than today

B

Exactly the same

C

Less than today

D

I don't know

Question 8 of 13

What is a good credit score?

A

620 or higher

B

660 or higher

C

700 or higher

D

720 or higher

E

I don't know

Question 9 of 13

True or False: A 15-year fixed-rate mortgage typically requires higher monthly payments than a 30-year fixed-rate mortgage, but the total interest over the life of the 15-year will be less than the 30-year.

A

True

B

False

Question 10 of 13

True or False: Buying a single company's stock generally provides a lower risk return than an equity exchange-traded fund.

A

True

B

False

Question 11 of 13

True or False: A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less. 

A

True

B

False

Question 12 of 13

If you were applying for a loan, would you prefer a lower or higher interest rate?

A

Lower interest rate

B

Higher interest rate

C

I Don't know

Question 13 of 13

If you were signing up for a savings account, would you prefer a lower or higher interest rate?

A

Lower interest rate

B

High interest rate

C

I don't know

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