Test Your Financial Knowledge
Take this brief quiz to see if your knowledge is up to par.
Financial literacy is essential to your financial success, but how much practical knowledge do you really have? Are you financially savvy enough to face challenges that arise, and do you know what you need to know in order to reach your financial goals?
If you don’t have a good foundation of knowledge in personal finance, it can be almost impossible to maintain stability and move forward. That means you need a way to easily identify gaps in your understanding so you can seek out the resources you need to get educated. With that in mind, KOFE created this simple 15-question financial literacy test designed to help you gauge your level of basic financial knowledge.
Answer all of the questions below and then tap the View Questions button at the bottom to see how you did. If you find you don’t know enough about a particular topic, we will guide you to find a wide array of resources on KOFE that will help improve your understanding. If you get stuck or you’re having financial challenges that require assistance, we’re here to help. Click here to view all of the ways to contact us for assistance.
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How much money should you put into savings every month?CorrectIncorrect
What are the 5 factors that make up your credit score?CorrectIncorrect
What’s the maximum debt-to-income ratio you should have to maintain financial stability?CorrectIncorrect
How often can you check your credit report for free?CorrectIncorrect
What does APR stand for?CorrectIncorrect
How soon should you check your credit prior to a major purchase?CorrectIncorrect
What are the 5 C’s that lenders use to judge credit worthiness during financing decisions?CorrectIncorrect
What are the three types of expenses in your budget?CorrectIncorrect
What kind of credit card can you get with bad credit or no credit score?CorrectIncorrect
What federal law protects your rights from abusive collection tactics?CorrectIncorrect
If you don’t make payments on a credit card account, how long does a creditor wait before they charge off an account and send it to collections?CorrectIncorrect
What are the names of the three big credit bureaus in the U.S.?CorrectIncorrect
What is the maximum amount you are responsible to pay if you report a stolen debit card within one day of when it was stolen?CorrectIncorrect
What type of fraud alert should you place on your credit report if you believe your personal data has been compromised?CorrectIncorrect
What’s the maximum amount of credit you can use at any given time without decreasing your credit score?CorrectIncorrect