Test Your Money Smarts: Are You Smarter Than a 5th Grader?

Test Your Money Smarts: Are You Smarter Than a 5th Grader?

All the money in my bank account is protected by FDIC insurance from the government in case my bank fails.

• True
• False

When I die, all my debts die with me.

• True
• False

I can save big bucks on my insurance premiums by increasing my deductibles.

• True
• False

If I fill up my gas tank in the morning when temperatures are cooler, I will get more gas for the same price.

• True
• False

Everyone needs life insurance.

• True
• False

I still need a will even if I am leaving everything to my spouse when I die.

• True
• False

If I lost 40% on my investments, I now have to make 80% to break even.

• True
• False

Debt consolidation loan will badly hurt my credit score.

• True
• False

To maintain my standard of living in retirement, IÂ?ll need about 100% of my pre-retirement income.

• True
• False

When I check my credit report each year, itÂ?s OK to just get my report from one credit bureau since they all have the same information.

• True
• False

Being late or missing non-credit and loan paymentsÂ?like utility billsÂ?doesnÂ?t impact my credit score.

• True
• False