Financial Literacy 101

What You Need to Know

Test your Financial I.Q.

Take this short quiz to test your financial literacy.

 

1. How much does the average college student owe in loans upon graduation?

a. less than $10k.

b. $10– 15k.

c. $16-21k

d. More than $22,000

 

2. The most important factor in deciding to purchase a car is

a. the monthly payment,

b. the features

c. the price

d. the interest rate

 

3. If a college student purchases a $3 latte every day, how much money have they spent in one year?

a. $600

b. $1,095

c. it doesn’t matter, Mom and Dad are paying

d. It doesn’t matter, you don’t want to see me without my coffee

 

4. What is the average interest rate college students are offered for credit cards?

a. 5-10%

b. 13-16%

c. 19-22%

d. 23-29.99%

 

5. How much does the average student owe in credit card debt?

a. $500

b. $1,200

c. $2,700

d. $4,500

 

6. What factors are used in determining your credit score?

a. Payment History

b. Amount of debt

c. length of credit history

d. all of the above

 

 

See answers below

 

 

 

Answers: 1c, 2d, 3b, 4b, 5c, 6d