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What's Your Money IQ? Credit and Savings Quiz

See how high you can score on these questions

AARP

En español

Published February 26, 2021

10 Questions

e634afa8-401d-42b8-9db9-88415d80aa0d

Use this quiz to boost your financial knowledge about credit and savings.

What's Your Money IQ? Credit and Savings Quiz

[ {
  "question" : "AnnualCreditReport.com is the only authorized source for the free credit report that’s yours by law.",
  "answers" : [ {
    "answer" : "True",
    "correctAnswer" : true
  }, {
    "answer" : "False",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "You can ask for one free credit report from Experian, TransUnion and Equifax per year, but annualcreditreport.com is the only site authorized by federal law. Other free credit sites may not have reports from all three credit reporting agencies, or may charge you for information you can get for free.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "How much are you liable for if your debit or ATM card is stolen?",
  "answers" : [ {
    "answer" : "No more than $50, if the loss is reported within two business days",
    "correctAnswer" : false
  }, {
    "answer" : "Up to $500, if reported after two business days",
    "correctAnswer" : false
  }, {
    "answer" : "The total amount, if reported after 60 days",
    "correctAnswer" : false
  }, {
    "answer" : "All of the above",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "Timing matters if your debit card is lost or stolen, so notify your bank immediately. The longer you wait, the higher your potential liability",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "Who can access your credit report?",
  "answers" : [ {
    "answer" : "Employers considering you for a job ",
    "correctAnswer" : false
  }, {
    "answer" : "Creditors considering issuing you a loan or credit card ",
    "correctAnswer" : false
  }, {
    "answer" : "Insurers issuing you an auto policy",
    "correctAnswer" : false
  }, {
    "answer" : "All of the above, as well as government agencies",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "Almost 60 percent of all U.S. employers now conduct credit checks as part of the hiring process. Your credit report is also viewed by banks and creditors in the loan application process. People with excellent credit are offered lower insurance rates than those with poor credit.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "If your credit card is stolen, federal law says that you’re responsible for what amount of any fraudulent charges?",
  "answers" : [ {
    "answer" : "All of it ",
    "correctAnswer" : false
  }, {
    "answer" : "10 percent",
    "correctAnswer" : false
  }, {
    "answer" : "$50, but most card issuers will waive any liability in clear cases of a stolen card or number",
    "correctAnswer" : true
  }, {
    "answer" : "None of the above",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "With a credit card, you also have more time to refuse payment or dispute charges than if you used a debit card.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "A credit report is:",
  "answers" : [ {
    "answer" : "A list of your financial assets and liabilities",
    "correctAnswer" : false
  }, {
    "answer" : "Your borrowing and bill payment history",
    "correctAnswer" : true
  }, {
    "answer" : "Your available credit line at banks and other lenders",
    "correctAnswer" : false
  }, {
    "answer" : "None of the above",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "A credit report can also include whether any action was taken against you because of unpaid bills.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "How much federal deposit insurance is available per bank or credit union account?",
  "answers" : [ {
    "answer" : "$50,000",
    "correctAnswer" : false
  }, {
    "answer" : "Unlimited",
    "correctAnswer" : false
  }, {
    "answer" : "$100,000",
    "correctAnswer" : false
  }, {
    "answer" : "$250,000",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "The Federal Deposit Insurance Corp. (FDIC) gives $250,000 per bank per person per account category. You can spread your savings out to get much more insurance. For example, an individual retirement account and a checking account would each have $250,000 of FDIC insurance.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "If you have a high credit score — 760 or better — how much lower would your mortgage rate be than for someone whose score is around 620?",
  "answers" : [ {
    "answer" : "About 0.25% lower",
    "correctAnswer" : false
  }, {
    "answer" : "About 1% lower",
    "correctAnswer" : false
  }, {
    "answer" : "About 1.5% lower",
    "correctAnswer" : true
  }, {
    "answer" : "None of the above",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "When you have bad credit, you'll have to pay an exorbitant amount of money in interest and finances charges — if you get approved for a loan at all.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "Which of the following statements about credit cards is false?",
  "answers" : [ {
    "answer" : "There’s a preset limit to how much you can spend. ",
    "correctAnswer" : false
  }, {
    "answer" : "A credit card expense is a short-term loan and by signing the receipt, you’re agreeing to repay. ",
    "correctAnswer" : false
  }, {
    "answer" : "You’re charged interest even if you pay your bill in full and on time each month.",
    "correctAnswer" : true
  } ],
  "multiSelect" : false,
  "explanation" : "A purchase on credit essentially means that the card issuer is paying for your purchase up front. If you pay the credit card bill in full on time at the end of the month, the loan you’re getting is interest-free. It’s only if you carry a balance that you pay those often high interest rates.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "What is the range of credit scores that’s considered “good?”",
  "answers" : [ {
    "answer" : "700-800",
    "correctAnswer" : true
  }, {
    "answer" : "600-800",
    "correctAnswer" : false
  }, {
    "answer" : "800 and above",
    "correctAnswer" : false
  }, {
    "answer" : "500-700",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "FICO credit scores range from 300 to 850, and a score that ranges between 700 to 800 is considered good. Any score above 800 is considered excellent, and the average credit score in the U.S. is 710.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
}, {
  "question" : "What does APR mean?",
  "answers" : [ {
    "answer" : "Annual penalty rate, what you owe if you don’t pay in full",
    "correctAnswer" : false
  }, {
    "answer" : "Annual percentage rate, the total cost of credit over a whole year, including interest rate and fees",
    "correctAnswer" : true
  }, {
    "answer" : "Annual payoff rate, how long it takes to pay a debt",
    "correctAnswer" : false
  }, {
    "answer" : "Average payment ratio, what other people pay in debts similar to yours",
    "correctAnswer" : false
  } ],
  "multiSelect" : false,
  "explanation" : "Payday loans have high APRs — up to almost 500 percent.",
  "hint" : "",
  "hintLink" : "",
  "questionImgCaption" : "",
  "questionImgCredit" : ""
} ]

Quiz Progress

0 Correct

0 Incorrect