Quiz: Savings & Banking December 14, 2016by admin One should have 3 or 6 month of expenses saved for emergency purposes.* True False I know what a FICO Score is.* Yes No I understand how the FICO Score is calculated.* Yes No I know how to obtain my FICO Score.* Yes No The amount of monthly debt payments can affect your ability to pay other accounts, living costs, and access to additional credit.* True False A poor credit history may prevent you from obtaining an apartment, insurance in some states, and even a job.* True False Savings is:* Money you set aside for future use. Money in an account at a bank or credit union. Money in a tin at your home. All of the above. None of the above. Debt is:* Money you owe to someone else. A liability. The result of using credit. All of the above. None of the above. Emergency fund is savings designated to cover:* Costs of entertainment—eating out, movies, ... Unexpected expenses such as car repairs. Regular bills. All of the above. None of the above. What is the best way for most people to improve their credit scores (FICO).* Apply for more credit cards. Pay off old debts or debt collections. Pay your current bills on time. All of the above. None of the above. Low credit scores may result in:* Higher deposits for utilities. Low interest rates for loans and credit cards. Lower rates for insurance premiums. All of the above. None of the above. A factor to consider in choosing a bank or credit union is:* Cost of products and services. Convenience. Interest rates paid on savings accounts. All of the above. None of the above. If you feel your rights as a financial consumer have been violated, you can report this to:* State attorney general. The Consumer Financial Protection Bureau. The Federal Trade Commission. All of the above. None of the above. Source: Consumer Financial Protection Bureau: Your Money, Your Goals: A Financial Empowerment Toolkit for Social Services Programs (Modified)Email me my quiz results You will also be shown your results after you press submit. Δ
