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Think you know everything about how to manage money successfully? For example, do you know the difference between different types of bank accounts? What about the fees associated with a credit card? Take this financial literacy quiz and prove it!
Q1: Uh oh, you forget to pay your cell phone bill and get a late notice. What kind of repercussions can you likely expect?
Q2: Which type of account allows you to make an unlimited number of withdrawals without a fee?
Q3: Your auto insurance plan has a $600 deductible. Driving home from work, you get into an accident and cause $800 worth of damage to your car and $1,500 to the other person’s car. How much of the cost do you have to cover?
Q4: Which of the following is incorrect about using an ATM?
Q5: What does APR stand for?
Q6: How much should be in your emergency fund?
Q7: What is the recommended max percentage of your take-home income you should spend on monthly housing expenses?
Q8: You earn $8 an hour at your job at the mall and worked 11 hours this pay period. When you get your check, you notice it’s less than the $88 you expected. Why is that?
Q9: Student loan borrowing is at an all-time high, and so is the default rate on making student loan payments. What kind of relief should you expect on your student loans if you file for bankruptcy?
Q10: What does a FICO score determine?
Check your answers below! How’d you do? Do you need to brush up on your financial literacy knowledge or do you have what it takes to have a successful financial future? Let us know in the comments section.