RiverBank Financial Champion Quiz

Which two factors are most important when calculating your credit score?

Credit inquiries and amounts owed

Payment history and amounts owed

Types of credit in use and payment history

Length of credit history and amounts owed

Generally, as your credit score increases, the interest rate you are charged on a loan:

Increases

Decreases

Remains the same

Which of the following types of deposit accounts generally pays the highest interest rate?

A savings account

A checking account

A money market account

A certificate of deposit (CD)

Ideally, how much should you have saved in an emergency fund?

One month of living expenses

Three months of living expenses

Six months of living expenses

Three years of living expenses

When deciding whether to rent or buy a home, from a financial standpoint, which of the following is the best list of considerations to take into account?

Monthly rent vs. Monthly mortgage payment

Monthly rent vs. Monthly mortgage payment + maintenance expenses

Monthly rent vs. Monthly mortgage payment + maintenance expenses + property taxes

Monthly rent vs. Monthly mortgage payment + maintenance expenses + property taxes + closing costs + homeowner’s insurance - income tax benefit

Monthly rent vs. Monthly mortgage payment + maintenance expenses + property taxes - income tax benefit - anticipated home appreciation

If you carry over a balance on your credit card from one billing period to the next, when will interest charges begin on a new purchase?

One month after the purchase date

One month after the previous month’s statement date

At the end of the prior month’s grace period

On the day of the purchase

What is the only way to avoid paying interest on a credit card?

Staying under 50% of your credit limit

Paying the minimum payment on time

Not making new purchases if your statement has a balance

Paying last month’s balance on time and in full by the due date

Generally, if you borrow against collateral (like a house or a car) compared to a loan not secured by collateral (like a credit card), the interest rate charged on the loan:

Increases

Decreases

Remains the same

Generally, if someone with good credit cosigns your loan, the interest rate you are charged on the loan:

Increases

Decreases

Remains the same

Which of the following behaviors helps improve your credit score?

Having no credit cards

Paying your bills on time

Keeping a balance on your credit card

Using as much of your credit limit as possible

Which of the following debt payoff strategies will save you the most money?

Distribute your payments equally across your debts

Pay the minimum amount due on all debts and put all extra money on the oldest debt

Pay the minimum amount due on all debts and put all extra money on the smallest debt

Pay the minimum amount due on all debts and put all extra money on the debt with the highest interest rate

When someone bounces a check, who is usually charged a fee?

Only the check writer

Only the person cashing the check

Both the check writer and the person cashing the check

Neither the check writer nor the person cashing the check

When shopping for laundry detergent of similar quality, which of the following is the best value?

The store brand

The most popular brand

The package with the lowest price per ounce

The package with the highest percent discount

The package that is the lowest price in the size you need

RiverBank Financial Champion Quiz

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