What’s Your Financial IQ?

1. What is the maximum recommended percentage of your income that should go toward a mortgage payment?

  • 20%
  • 40%
  • 15%
  • 28%

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?

  • True
  • False

3. A hospital bill for a broken arm is an example of what type of expense?

  • Unexpected
  • Fixed
  • Unnecessary
  • Flexible

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.

  • True
  • False

7. When you keep your money with an NCUA-insured credit union, up to what amount are you covered?

  • $100,000
  • $250,000
  • $500,000
  • $750,000

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?

  • 12%
  • 23%
  • 32%
  • 18%

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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