HEW Federal Credit Union - Money Savvy Articles

1. A credit report is:
a. A list of your financial assets and liabilities
b. Your monthly credit card statement
c. A loan and bill payment history
d. Your credit line with your financial institution

2. In terms of credit, what does APR stand for?
a. Annual Percentage Rate
b. Annual Penalty Rate
c. Annual Payment Rate
d. Annual Payoff Rate

3. Who insures your stocks in the stock market?
a. The Federal Deposit Insurance Corporation
b. The Securities and Exchange Commission
c. The U.S. Department of the Treasury
d. No one

4. True or False: Federal law gives you three days to cancel the purchase of a new or used car from a dealer.
True
False

5. True or False: The type of car you own affects the price you pay for auto insurance.
True
False

6. A reverse mortgage is:
a. A rising debt loan
b. Only available to someone 62 years of age or older
c. Generally not tied to income
d. All of the above

7. How many days does a creditor have to acknowledge your written complaint about a billing error?
a. 30 days
b. 60 days
c. 90 days
d. 120 days

8. If your credit card was lost or stolen and used to charge items you didn't authorize, you are responsible for what amount?
a. Up to $50
b. Up to $100
c. Up to $500
d. All unauthorized charges

9. Negative financial information (excluding bankruptcy) can stay on your credit report for:
a. 2 years
b. 5 years
c. 7 years
d. 10 years

10. What do "points" refer to in the home mortgage application process?
a. One point equals 1% of the purchase price, paid to the seller
b. One point equals 1% of the purchase price, paid to the lender
c. One point equals 1% of the loan amount, paid to the seller
d. One point equals 1% of the loan amount, paid to the lender

11. True or False: Each state has a law that lets pharmacists substitute less expensive generic drugs for many brand name products.
True
False

12. True or False: By using unit pricing at the grocery store, you can easily compare the cost of any brand and any package size.
True
False

13. True or False: The recommended gasoline for most cars is regular octane.
True
False

14. True or False: All telephone numbers that begin with an "8" are toll-free.
True
False

15. In financial transactions, a CD is a:
a. Certificate of Debt
b. Certificate of Deposit
c. Citizen's Deposit
d. Certificate of Collateral

16. True or False: The "Rule of 72" tells you how long it will take to double your money.
True
False

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