Test

1. As a general rule, how many months’ expenses do financial planners recommend that you set aside in an emergency fund?

a) 1 to 3 months

b) 3 to 6 months

c) 6 to 12 months

d) 12 to 15 months

2. If you have too many credit cards, what should you do?

a) Close as many as possible

b) Request a higher credit limit

c) Be cautious about closing credit cards

d) Close the cards with the lowest balances

3. If a late payment is sent to a collections agency, how long will it remain on your credit history even if you have paid it off?

a) Less than a year

b) 1 to 3 years

c) 4 to 5 years

d) 6 to 7 years

Financial Literacy Quiz