Personal Finance

Your money in an FDIC-insured deposit account (including checking accounts and savings accounts) is

insured up to $200,000.

• True

• False

If you have a negative banking history report or credit history, you cannot open an account at a financial

institution.

• False
• True
• Sometimes
• Depends on the bank

Values do not matter when making financial decisions. It always comes down to math.

• It depends
• Sometimes
• False
• True

Net income is how much you earn before taxes and deductions.

• True
• Net income is how much you earn after taxes and deductions.
• Net income is the same as gross income.
• False

If you spend more than your income can support, look for ways to:

• Borrow money to cover the deficit
• Cut back on essential expenses
• Ignore the problem and continue spending
• Increase your income or decrease your spending

There are only two ways to pay bills: in person or by mailing a check.

• True

• What is a bill?

• False

Spending less money on a purchase is the same as saving money.

• True
• It depends on the purchase
• False
• Spending more money is the same as saving money

You should avoid “free” offers online that may be designed to trick you into spending money without

realizing it.

• False

• True

A secured credit card can help you build credit.

• Secured credit cards can only be used for online purchases
• Secured credit cards have no impact on credit
• True
• False

Who should regularly look for, identify, and dispute errors on your credit reports?

• Employers
• Banks
• Individuals
• Credit bureaus