Financial Literacy Quiz

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Learn about the impact of making extra payments on your debt

Think you’re a financial guru? Prove it! Complete our financial literacy quiz below to see how much you truly know about money and personal finance.

QUESTION 1/10

To purchase a home, your down payment must be 20% or more.

answer option image block True
answer option image block False
Submit

QUESTION 2/10

How much of your paycheck should go towards housing?

answer option image block 50% to 70%
answer option image block No more than 30%
answer option image block One month’s salary, but if you have debt, you should pay that off first before saving an emergency fund
answer option image block No more than 10%
Submit

QUESTION 3/10

What are the five factors that improve your credit score?

answer option image block 1. Amount owed, 2. highest interest rate, 3. number of cards, 4. delinquencies, and 5. overages
answer option image block 1. Gross income, 2. number of cards, 3. payment history, 4. penalties, and 5. savings
answer option image block 1. Payment history, 2. utilization ratio, 3. new applications, 4. length of credit history, and 5. kinds of credit
Submit

QUESTION 4/10

How much should you have saved in your emergency fund?

answer option image block $1,000
answer option image block One month’s salary, but if you have debt, you should pay that off first before saving an emergency fund
answer option image block Three to six months’ worth of expenses
answer option image block Your annual gross income
Submit

QUESTION 5/10

What is a reasonable percentage of your paycheck to put in your retirement fund?

answer option image block 1% of your pre-tax income starting in your 40s and 3% or more in your 50s
answer option image block At least $5,000 per year
answer option image block Not applicable if you’re covered by social security
answer option image block 5% to 15% of your pre-tax income
Submit

QUESTION 6/10

Is an IRA a good investment?

answer option image block Yes
answer option image block No
Submit

QUESTION 7/10

Which of the following is NOT considered a financial investment?

answer option image block Stocks
answer option image block Mutual Funds
answer option image block Real Estate Investment Trust
answer option image block Automobiles
Submit

QUESTION 8/10

What is an important reason to invest?

answer option image block To make money quickly
answer option image block To purchase a new vehicle
answer option image block For financial security later in your life
answer option image block To financially support businesses
Submit

QUESTION 9/10

What is inflation?

answer option image block An increase in the Federal Minimum Wage
answer option image block A rise in federal income taxes
answer option image block A general increase in prices and decrease in the purchasing value of money
answer option image block The rate at which interests compounds in a savings account
Submit

QUESTION 10/10

Does using less than 30% of your card's utilization help your credit score?

answer option image block Yes
answer option image block No
Submit

Your Score

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This quiz is not intended to provide any tax, legal, financial planning, insurance, accounting, investment, or any other kind of professional advice or services. To make sure that any information or suggestions in this quiz fit your particular circumstances, you should consult with an appropriate professional before taking action based on any suggestions or information that we provide.

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