Financial Literacy

Updated 12 months ago

In my web travels I ran into this financial literacy test, which teaches you things as it quizzes you. Thought our viewers might like to see how they score.What’s a credit report?Who insures your stocks  in the stock market?Federal law gives you three days to cancel the purchase of a new or used car from the dealer?Negative financial information can stay of a credit report (including bankruptcy) for – years?By using ‘unit pricing’ you can compare brands and packages in the store. (true or false)The ‘rule of 72’ tells you how long it takes to double your money. (True or false) What’s a credit report?    A credit report is a payment and loan history kept by a credit bureau. Your history determines your credit score, which determines your interest rate for additional loans, and may be used when seeking employment or insurance. Who insures your stocks  in the stock market? No on. Agencies such as the FDIC, the SEC or the U.S. Treasury fill roles, but investing involves risk. Federal law gives you three days to cancel the purchase of a new or used car from the dealer? (True or false) FALSE. This is a discretionary benefit given to you by certain dealers. Negative financial information can stay of a credit report (including bankruptcy) for – years? Accurate negative information can stay on your report for seven years and bankruptcy can stay on a report for ten years. By using ‘unit pricing’ you can compare brands and packages in the store. (true or false) TRUE. Unit pricing is a tool for comparing various brands by the same UNIT, a pound, an ounce or a foot. The ‘rule of 72’ tells you how long it takes to double your money. (True or false) TRUE. To use the “Rule of 72,” divide 72 by the interest rate you’re getting. For example, if you deposit $3,000 into an account with a 2% interest rate, divide 72 by two. The answer–36–tells you that you will double your money in 36 years: in 36 years, you will have $6,000.Citation:http://www.getthebearessentials.com/downloads/TCU-Financial-Literacy-Quiz.pdfMarion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952[ mailto:Marion@NorumbegaFinancial.com ]Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videos[ http://www.norumbegafinancial.com/ ]WWW.NorumbegaFinancial.com Vote Norumbega Financial for Bangor’s Best Financial Planning Firm at [ http://www.bestofsurveys.com/vote-poll.html ]Market Surveys of AmericaIn compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc., Norumbega Financial and all other entities listed herein are separate entities, independently owned and operated.


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