Family IQ Quiz

Test Your Family's Financial Knowledge

Answer the following questions to see how much your family knows about financial literacy.

There are at least five reasons families should maintain a budget. Which of the following is not accurate?

A) A budget allows you to be in control of your money.
B) It helps you create a spending picture for a specific time.
C) When sticking to a budget, you are more likely to purchase things you want, rather than things you need.
D) A budget helps you decide what you can and cannot afford.
E) A budget enables you to create a savings plan and keep track of your spending.

Which of the following is a benefit of short-term saving?

A) Allows you to stray from your budget because you have money saved in the bank
B) Allows for financial security in the event that an unexpected expense should arise
C) Enables you to stop saving when you have too much money in the bank
D) Allows you to overspend on items you want

True or false: All numbers that begin with ‘8’ are toll free.

A) True
B) False

If you pay the monthly "minimum payment" on your credit card account,how long will it take for you to pay off the entire balance (assuming no additional charges).

A) One Month
B) Six Months
C) One Year
D) Five Years
E) Ten Years

Which statement is not true?

A) Debit card purchases take money directly out of your bank account.
B) The use of a debit card will sometimes result in extra charges.
C) Using a debit card is like writing an instant check.
D) Credit cards and debit cards are just different names for the same item and offer the same protections.

If you want to dispute credit card charges, how much time do you have to contact your credit card company after receiving your bill?

A) One Month
B) Two Months
C) Six Months
D) One Year

When shopping for the same items, how much more are you likely to spend if you stay in the grocery store for an hour instead of 30 minutes?

A) $5.00
B) $10.00
C) $15.00
D) $25.00

Which item are you most likely to find in the back of the store?

A) Milk
B) Candy
C) Beer
D) Fruits and Vegetables

If you buy the stock of a new company…

A) …you cannot lose money
B) …you can lose all of the money you used to buy the stock
C) …you can lose only a portion of the money you used to buy a stock
D) …the federal government, through the FDIC, insures you against loss only when you purchase the stocks through a bank.

A family wants to take some of their savings and invest in a mutual fund because mutual funds are:

A) guaranteed to earn more than savings accounts
B) guaranteed to earn at least as much as savings accounts
C) managed by experts at picking investments
D) guaranteed against loss by the federal government

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