U of M: Financial Literacy: Quiz 2

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Savvy Money Skills

Financial Literacy

Test your money IQ

Choose a bank based on:

FDIC insured
Free checking accounts with no fees
Access
All of the above
Which is a sign you are in financial trouble?

You pay your bills on time.
You don’t know how much debt you owe.
You disconnect your phone to stop getting creditor calls.
You have a credit report.
Savvy shoppers can save at the grocery store by planning.

True
False
A good rule of thumb is to borrow no more than three times the amount you estimate you will earn in your first job after graduation.

True
False
The FAFSA (financial aid application) is free.

True
False