Thank you for participating in this anonymous financial literacy quiz. Please plan to attend our Financial Literacy presentation on 31st January 2017 @ Monarch High School, when answers and much more will be provided. See the Thrive Newsletter for further details.
Need more information or have questions on Premier Members Credit Union?
Please contact Linda Hicks lhicks@pmcu.org 303 657 7262

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* 1. Which of the following is true about sales taxes?

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* 2. Rebecca has saved $12,000 for her college expenses by working part-time. Her plan is to start college next year and she needs all the money she saved. Which of the following is the safest place for her college money?

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* 3. Which of the following types of investment would best protect the purchasing power of a family's savings in the event of a sudden increase in inflation?

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* 4. Under which of the following circumstances would it be financially beneficial to you to borrow money to buy something now and repay it with future income?

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* 5. Which of the following statements best describes your right to check your credit history for accuracy?

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* 6. Your take home pay from your job is less than the total amount you earn. Which of the following best describes what is taken out of your total pay?

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* 7. Many people put aside money to take care of unexpected expenses. If Juan and Elva have money put aside for emergencies, in which of the following forms would it be of LEAST benefit to them if they needed it right away?

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* 8. David just found a job with a take-home pay of $2,000 per month.He must pay $900 for rent and $150 for groceries each month. He also spends $250 per month on transportation. If he budgets $100 each month for clothing, $200 for restaurants and $250 for everything else, how long will it take him to accumulate savings of $600?

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* 9. Sarah and Joshua just had a baby. They received money as baby gifts and want to put it away for the baby's education. Which of the following tends to have the highest growth over periods of time as long as 18 years?

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* 10. Barbara has just applied for a credit card. She is an 18 year old High School Graduate with a few valuable possessions and no credit history. If Barbara is granted a credit card, which of the following is the most likely way that the credit card company will reduce IT'S risk?

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* 11. If you are behind on your debt payments and go to a responsible credit counseling service such as Consumer Credit Counseling Services, what help can they give you?

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* 12. Rob and Mary are the same age. At age 25 Mary began saving $2,000 a year while Rob saved nothing. At age 50, Rob realized that he needed money for retirement and started saving $4,000 per year while Mary kept saving $2,000. Now they are both 75 years old. Who has the most money in his or her retirement account?

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* 13. Devon and Corey work together in the finance department of the same company and earn the same pay. Corey spends his free time taking work-related classes to improve his computer skills, while Devon spends his free time socializing with friends and working out at the fitness center. After 5 years, what is likely to be true?

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* 14. If your credit card is stolen and the thief runs up a total of $1,000 but you notify the issuer of the card as soon as you discover it is missing, what is the maximum amount that you can be forced to pay according to Federal Law?

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* 15. Which of the following statements is NOT correct about using most ATMs (Automated Teller Machines)?

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* 16. Scott and Eric are young men. Each has a good credit history. They work at the same company and make approximately the same salary. Scott has borrowed $6,000 to take a foreign vacation. Eric has borrowed $6,000 to buy a car. Who is likely to pay the lowest interest charge?

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* 17. Which of the following instruments is NOT typically associated with spending?

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* 18. Which of the following credit card users is likely to pay the GREATEST dollar amount in finance charges per year, if they all charge the same amount per year on their cards?

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* 19. Which of the following statements is true?

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* 20. If you had a savings account at a credit union or bank, which of the following would be correct concerning the interest that you would earn on this account?

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* 21. Please indicate your gender

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* 22. Please indicate your age range

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