Financial Literacy Quiz Test Your Financial Knowledge

April is Financial Literacy month, and ACNB Bank is committed to setting our customers up for success. How much do you know about having and practicing good financial habits? Take the quiz below, and scroll down to the bottom to find the answers. Good luck!

A. 2% of each paycheck
B. 10% of each paycheck
C. 5% of each paycheck

2. In terms of credit, what does APR stand for?

A. Annual Payoff Rate
B. Annual Percentage Rate
C. Annual Penalty Ratio

3. How often can you check your credit report for free?

A. Once every month
B. Once every six months
C. Once every year

4. What are the three types of expenses in your budget?

A. Flexible, Floating, Fixed
B. Wants, Needs, Bills
C. Fixed, Flexible, Discretionary

5. What are the names of the three big credit bureaus in the U.S.?

A. Experian, Equifax, TransUnion
B. Visa, MasterCard, AMEX
C. Capital One, Discover, Experian

6. How long do credit inquiries affect your credit score?

A. For about five years
B. For about six months
C. For about a year

7. What is considered an excellent credit score?

A. 1,000 – 1,250
B. 720 – 850
C. 600 – 680

8. What United States government corporation supplies deposit insurance to depositors in American commercial banks and savings banks?

A. NCUA
B. Erie
C. FDIC

9. What kind of credit card can you get with bad credit or no credit score?

A. Secured
B. Remedial
C. Student Credit Card

10. What is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary called?

A. 429 Plan
B. 529 Plan
C. 329 Plan

Answers:

1. B
2. B
3. C
4. C
5. A
6. B
7. B
8. C
9. A
10. B