Financial Literacy Quiz

Your friend pays you back with a check, and you lose it before cashing it. What should you do first?

• Write a new check for yourself

• There’s nothing you can do. The money is lost.

• Contact your friend to issue a stop payment

• Contact your bank to issue a stop payment

Money in a checking account is usually easy to access via ATM, debit card or check

• True

• False

All of the following are true about prepaid cards EXCEPT...

• Prepaid cards typically include a lot of fees

• Prepaid cards are a useful option for someone who is unbanked to make online purchases

• Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

Which represents the BEST time to start saving for your retirement?

• As soon as you have your first full-time job

• When you are in your 30s

• When you are in your 40s

• When you are in your 50s

Which of the following statements is TRUE?

• The majority of Americans have an adequate emergency fund

• The majority of Americans have sufficient amounts of money saved for retirement

• The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement

• The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement

Experts recommend that you accumulate enough to cover 3 to 6 _______________ of expenses in your emergency fund.

• Days

• Weeks

• Months

• Years

Digital wallets and P2P payments have made the use of __________ less necessary.

• Mobile phones

• Driver's license

• Physical cash

• Insurance cards

You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?

• Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods

• Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses

• Aunt Tina and her family have high paying jobs and don’t worry much about money

• Aunt Tina only receives paper paychecks instead of direct deposit

Which of the following statements is an advantage of online banking?

• Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees

• Using online banking allows you to earn a higher interest rate

• Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

• You can only shop online if your bank account has online banking features

How often do customers typically receive a bank statement for their checking account?

• Daily

• Weekly

• Monthly

• Annually