Savings and Credit Quiz

1. AnnualCreditReport.com is the only authorized source for the free report that’s yours by law.

A. True
B. False

2. How much are you liable for if your debit or ATM card is stolen?

A. No more than $50, if the loss is reported within two business days
B. Up to $500, if reported after two business days
C. The total amount, if reported after 60 days
D. All of the above

3. Who can access your credit report?

A. Employers considering you for a job
B. Creditors considering issuing you a loan or credit card
C. Insurers issuing you an auto policy
D. All of the above, as well as government agencies

4. If your credit card is stolen, federal law says that you’re responsible for what amount of any fraudulent charges?

A. All of it
B. 10 percent
C. $50, but most card issuers will waive any liability in clear cases of a stolen card or number
D. None of the above

5. A credit report is:

A. A list of your financial assets and liabilities
B. Your borrowing and bill payment history
C. Your available credit line at banks and other lenders
D. None of the above

6. Which of these statements about debit cards is false?

A. The money for purchases comes out of your checking account.
B. You will get a bill for your purchases at the end of each month.
C. You can use your personal identification number (PIN) or sign for your purchases.D
D. You should treat your debit card like cash.

7. 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?

A. About 0.25% lower
B. About 1% lower
C. About 1.5% lower
D. None of the above

8. Which of the following statements about credit cards is false?

A. There’s a preset limit to how much you can spend.
B. A credit card expense is a short-term loan and by signing the receipt, you’re agreeing to repay.
C. You’re charged interest even if you pay your bill in full and on time each month.

9. Most credit scores range from 300 to 850.

A. True
B. False

10. What does APR mean?

A. Annual penalty rate, what you owe if you don’t pay in full
B. Annual percentage rate, the total cost of credit over a whole year, including interest rate and fees
C. Annual payoff rate, how long it takes to pay a debt
D. Average payment ratio, what other people pay in debts similar to yours

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