Quiz | HWW FinancialYou

Name*

First Last

Email*

Company / School

If your credit card is stolen and the thief runs up a total debt of $1,000, but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you must pay according to Federal law?*

$500
$1000
Nothing
$50

A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over the life of the loan will be less.*

True
False

You want to reach a large savings goal -- for an expensive vacation, a larger down payment on your next car or a down payment on a house. To MAXIMIZE your chance of success:*

Set a specific dollar goal and a deadline date for saving that much
Save every spare dollar and any bonus or commission
Strive to eat out and order food less
Crowdfunding!

Which is a method to fund your college education?*

Apply for financial aid using the FAFSA and TAP (for NYS residents) applications
Seek out less expensive college alternatives
Seek out college scholarships, such as Excelsior Scholarships for NYS residents
All of the above

Suppose you owe $1,000 on a loan and the interest rate you are charged is 20% per year compounded annually. If you didn’t pay anything off, at this interest rate, how many years would it take for the amount you owe to double?*

Less than 2 years
2 to 4 years
10 or more years

I bought my first car and got a loan to pay for it. If I default on my loan, only this lender will know about it and if I need another loan, I’ll be able to get it from another lender.*

True
False

Buying a single company's stock usually provides a safer return than a stock mutual fund.*

True
False

Under which of the following circumstances would it be financially beneficial to borrow money to buy something now and repay the loan with future income?*

When you need to buy a car to get a much better paying job
When you need a vacation
When some clothes you like go on sale
When you want to invest the money and feel you could make more than the interest you are paying

It’s ok to skip payments on your bills some months, if you pay the next month.*

True
False

On average, how much more income do graduates of a four-year college degree program make in the long-run as compared to people in the workforce who only have a high school diploma?*

About 10 times as much
No more; they make about the same either way
A little more than 20% more
More than 70% more

CAPTCHA

Comments

This field is for validation purposes and should be left unchanged.

Take our FinLit savvy quiz

How FinLit savvy are you?