CSB Financial Education

Full 4-Lesson Survey

Welcome to Cambridge Savings Bank's Financial Education Program! We'd like to learn what you
know - and what you may be unsure of when it comes to managing your money. Let's get started!

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1. Please select your group number and survey you are taking today.

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2. What is a budget?

Your bank balance online or in a check register

An estimate of income and expenses for a period of time

A plan for how you invest your money

Not sure

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3. What is a balanced budget?

Spending that sensibly balances needs and wants

Income equals expenses

Savings is part of the plan

Not sure

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4. Why bother budgeting?

It gives you more financial control, reduces your stress and helps you reach important goals

Accurate budgeting helps you compare your finances to those of your friends

Budgeting is one of the best ways to practice doing math

Not sure

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5. What are SMART goals?

Sensible, Monetary, Appropriate, Realistic, Timely

Strategic, Meaningful, Accessible, Regular, Timed

Specific, Measurable, Achievable, Relevant, Time-Bound

Not sure

None of the above

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6. What is the best way to organize your goals by time range?

Today, tomorrow, next week

Short, medium, long-range

This month, next month, 2 months from now

Not sure

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7. What is meant by "Pay Yourself First"?

Buy necessities first

Buy things you want first

Build savings into your budget

Not sure

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8. What is “Zero-Based Budgeting”?

Planning for income to equal expenses

Budgeting that focuses on needs and reduces expenses on wants to zero

When you zero in on your most important expenses first

Not sure

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9. What is “Bucket Budgeting”?

Dividing your money into 3 “buckets” spending, saving, and sharing

Saving money in a separate “bucket” in this case, savings account for each expense

A way to compare your spending estimates to your actual expenses

Not sure

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10. What is “50/30/20 Budgeting”?

50% toward regular expenses, 30% toward irregular investments, 20% toward savings

50% toward needs, 30% toward wants, 20% toward savings

50% toward housing expenses, 30% toward food, 20% toward everything else

Not sure

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11. Is it a good idea to pay more than the minimum required on your credit card?

No, this makes it more likely that you will not have enough money left for your needs

Yes, because this creates more available credit and that can enable you to reborrow

Yes, it will reduce your cost of credit and get you out of debt sooner

Not sure

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12. Who is the “Payee” on a check?

The person who pays the check

The bank upon which the check is drawn

The person to whom the check is made out

Not sure

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13. What is a “Routing Number”?

A number that represents a particular branch of your bank

A number that represents your entire bank

A number that indicates which route your bank uses to process your check

Not sure

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14. What does it mean to “endorse” a check?

Sign the back of the check to validate ownership of the money

Indicate that you know there is enough money in the account to pay the check

Sign the front of the check to make it legally binding

Not sure

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15. What is the main difference between a debit card and a credit card?

Only credit cards offer reward points

You can only get cash from a debit card

Debit cards take money directly from your checking account

Not sure

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16. Direct deposits of your paycheck are available to withdraw when?

Immediately

After one business day

After one calendar day

Not sure

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17. Why set up text or email alerts from your bank?

It is the most reliable way to see all your transactions

It is the most convenient way to see all your transactions

They may help you notice fraud, loan payment dates or low balances

Not sure

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18. Why learn how to use your bank’s online and mobile banking systems?

It is a quick and easy way to manage your account

These are the only ways account holders process transactions now

It is the only way of safely transferring money

Not sure

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19. Why make sure to receive your bank statements online rather than on paper?

Online statements are the only legally binding record of your transactions

They are received more quickly, convenient to access & store, and may reduce fraud

Paper statements are the best way to store your statements

Not sure

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20. Can you use your phone to deposit a check?

No, because your bank must verify your identity before accepting the check

Yes, with mobile check deposit

No, because your bank needs the actual check to receive the money

Not sure

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21. Mobile Wallet is…

More secure than your physical debit card. Card numbers are never transmitted to the merchant, keeping your information private

An add-on feature with a monthly fee

Able to be used everywhere

Not sure

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22. What is revolving credit?

Money that you can borrow, repay, and re-borrow up to your credit limit

Money that revolves around your automobile purchases

Credit that revolves around your home purchases

Not sure

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23. What is an installment loan?

A loan to help you pay for all the new items you purchase

A specific amount of money for a specific length of time with monthly repayments

A loan that instills confidence in lenders to approve new loans

Not sure

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24. If you pay loans late, what will happen?

Your credit score will decrease by 100 points each time

Your credit score will decrease by 50 points each time

Your credit score will decrease, and you will be charged a late fee

Not sure

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25. FICO stands for…

Federal Inquiry of Credit Organization

Financial Institute of Credit Officials

Fair Isaac Corporation

Not sure

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26. Does maintaining a perfect payment record for 5 years increase your credit score more or less than doing this for 1 year?

More because 5 years demonstrates longer reliability

Less because the card you have had for 1 year is more recent

They increase your credit score the same amount because you handled both perfectly

Not sure

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27. Does having both revolving credit and installment loans increase your credit score?

Having both types of credit affects your credit score the same as if you had 1 type

Yes, because it demonstrates that you can handle different types of credit

Having both types of credit lowers your credit score because it shows too much borrowing

Not sure

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28. How do recent late payments compare to older late payments in decreasing your credit score?

Recent late payments decrease your credit score more

Older late payments decrease your credit score more

They decrease your credit score the same amount

Not sure

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29. A hard inquiry stays on your credit report for…

7 years

It varies

2 years

Not sure

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30. When setting interest rates for borrowers with high or low credit scores…

Lenders may charge borrowers with low credit scores a higher interest rate

According to the Fair Lending Act, lenders must charge the same rate to borrowers with low or high credit scores

According to the Fair Lending Act, lenders may charge a maximum of 10% higher interest rates for borrowers with lower credit scores

Not sure

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31. Late payments stay on your credit report for…

1 year

7 years

36 months

Not sure

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32. Fraud occurs when…

Criminals use deception for financial gain

You know the scammer

When you do not know the scammer

Not sure

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33. Which piece of personal information is most critical to keep private?

Your credit card number

The name of your bank

Your social security number

Not sure

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34. What is “Phishing”?

A misspelling of “Fishing”

A form of advertising that relies upon pop-up ads

A type of scam a fraudster initiates through email, phone call or text

Not sure

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35. What are 2 examples of “Malware?”

Identity Theft and Check Fraud

Ransomware and Spyware

Spyware and Credit Card Fraud

Not sure

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36. When you receive a text message from an unknown number, you should…

Respond to let them know they have the wrong number

Delete and report junk

Respond to see what information you can get from them

Not sure

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37. When you install Antivirus Software on your devices…

It makes it impossible for online fraud to occur

It does not do much to help protect you from online fraud

It makes it much more difficult for online fraud to occur

Not sure

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38. When you receive an email that informs you that your account has been compromised and it includes a link to reset your password, you should…

Click immediately before it is too late

Reply to the email and ask if this email is true

Do not click on the link

Not sure

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39. Why is it a good idea to check your credit report at least annually?

Because it is free

You will be able to review it and detect any inaccuracies

Because your score increases every time you get a copy of it

Not sure

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40. If your bank calls you to notify you that your information was compromised, what should you do?

Provide all the information they request

Ask them how this happened

Hang up the phone and contact your bank using a verified bank phone number to ensure this is not a scam

Not sure

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41. Why are longer, more complex, more random passwords safer?

They are not so you should keep yours simple so you do not forget it

They are much more difficult for a bot or human to hack

The safest thing is to create a long, complex, random password and use this super password for each of your accounts

Not sure