What’s Your Financial IQ?
1. What is the maximum recommended percentage of your income that should go toward a mortgage payment?
2. True or False. Net income is the amount of money you receive after things like taxes, retirement and health insurance premiums are taken out of your paycheck?
3. A hospital bill for a broken arm is an example of what type of expense?
4. Which of the following statements about credit scores is NOT true?
- They can affect credit card APR.
- A bad credit score can affect your ability to rent or purchase home.
- Checking your credit score is bad.
- They can raise or lower your car insurance premiums.
5. Which of the following factors affects your FICO score?
- Payment history
- Length of your credit history
- Total debt
- All of the above
6. True or False. According to the Overdraft Protection Act of 2013, you cannot be automatically enrolled in overdraft protection when you open a new account and must call your bank to opt in.
7. When you keep your money with an NCUA-insured credit union, up to what amount are you covered?
8. Let’s say you’re 66, but decide to wait until 70 to retire. By what percentage will your retirement income increase in just those four years?
9. Which of the following has the biggest impact on your credit score?
- Making a late payment
- Opening new credit cards
- The length of your credit history
- The total amount of your debt
10. What was the main provision of the Credit CARD Act?
- It changed the way credit scores were calculated.
- It established a hard limit on the amount of credit cards consumers could own.
- It said that all introductory APR offers on credit cards must last at least six months.
- It made credit card fraud a misdemeanor.
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