Can You Pass This Financial Literacy Quiz?

A person who is "financially literate" is able to understand how to properly earn, manage, invest, and generally handle funds in a responsible, proactive manner. Considering this definition, it goes without saying that being financial literate is a key component of financial success.

Are you financially literate? Our local bank at the Lake of the Ozarks is here to help you find out with this fun quiz!

Scroll down to find the answers... No peaking!

1.  How Much Money Should You Have In Your Emergency Fund?
A.  1 month's worth of income
B.  3 month's worth of income
C.  6 month's worth of income

2.  Can Applying For A New Credit Card Hurt Your Credit Score?
A.  Yes
B.  No
C.  Only if it's a major credit card company

3.  What Is A Certificate Of Deposit?
A.  A certificate confirming the cash or check you deposited into your account
B.  A certificate confirming the cash or check you deposited in someone else's account
C.  A type of savings account

4.  What Is Considered A Good Credit Score?
A.  600+
B.  650+
C.  700+

5.  A 15-Year Mortgage Will Require Larger Monthly Payments Than A 30-Year Mortgage, But The Loan's Total Interest Will Be Less.
A.  True
B.  False

6.  At What Age Should People Start Saving For Retirement?
A.  15-20
B.  20-30
C.  30-40

7.  Which Of The Following Is NOT A Way To Improve Your Credit Score?
A.  Paying back all of your bills on time
B.  Keeping your credit card balance at or below 30% of your credit limit
C.  Making all your purchases with cash

8.  What Payment Should You Make On Your Credit Card Bill Each Month?
A.  The complete balance
B.  The minimum payment
C.  Nothing 

ANSWERS:

1.  C - 6 month's worth of income
2.  A - Yes
3.  C - A type of savings account
4.  C - 700+
5.  A - True
6.  B - 20-30
7.  C - Making all your purchases with cash
8.  A - The complete balance

How'd You Do?

Did you pass the test? Are you financially literate? Leave us a comment below and let us know how you did. If you have questions about managing your finances or banking at the Lake of the Ozarks, don't hesitate to reach out to the team at First Bank of the Lake! We would be happy to help you in any way we can.

First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.

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Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100

Osage Beach, MO 65065

(573) 348-2265