National Consumer Protection Week: March 3 – 9, 2019
Testing your financial knowledge is something you should do all year round, but especially during National Consumer Protection Week (March 3–9, 2019). To help you figure out which topics you have down pat, and which need a little refresher, the Federal Deposit Insurance Corporation (FDIC) has developed this quiz that covers some of the basics, like money management, FDIC deposit insurance, building a credit history and avoiding fraud. You can learn more about each topic by checking out articles in FDIC Consumer News (our online newsletter) and other resources cited in each answer. Do you think you’ve got what it takes to ace our quiz? Note your answer for each question then click on the “Answers” button at the end of the quiz to find out how you did!
Test Your Financial IQ
- If you’re struggling with debt and you think you won’t be able to make a loan payment, which of the following would financial advisors likely say you should do?
- Immediately contact your lender
- Immediately contact a reputable credit counseling service
- Either of the above
- None of the above
- College students and other young adults need to be careful when choosing and managing their first credit cards. Which of the following is the best advice for building a good credit history?
- Put as many of your expenses as you can on your credit card.
- Keep account balances low by spreading purchases among multiple credit cards instead of just one or two cards.
- Only use your credit card for purchases that you can pay off in full each month.
- Avoid a credit card that’s co-signed with a parent because it implies you have problems managing money.
- Which one of the following accounts is NOT recommended for short-term savings goals like going on vacation, paying for a wedding, or buying birthday or holiday gifts?
- Regular savings accounts, including passbook accounts
- Retirement accounts
- Money market deposit accounts (MMDAs)
- Certificates of deposit (CDs)
- Which of the following are NOT insured by the FDIC?
- The contents of a safe deposit box
- Losses due to fraud or theft at a bank or other financial institution
- Stocks, bonds and mutual funds
- All of the above
- Suppose your credit card is lost or stolen. You notify your card issuer immediately, but by then, a thief has already used it to make a bunch of unauthorized purchases. Under federal law, what’s the maximum amount you can be held liable for?
- Thieves often create fake retail websites to trick consumers into providing personal information that can be used to steal money. Which one of the following should you look for on a website to ensure that it is legitimate and secure?
- A symbol of a padlock and the letters “https” at the beginning of the URL (the website’s address)
- The padlock symbol and the letters “http,” with no “s” before the URL
- The padlock symbol and the letters “secure” before the URL
- The company logo, which is protected from fraudulent use by trademark laws
- Interest charges on credit cards, loans and other debts can be expensive. Which one of the following strategies are experts most likely to recommend?
- Pay off the debts with the highest interest rate first.
- Pay off the debts with the smallest balances first.
- Send in an additional $25 or $50 when you pay your loan or credit card bill each month.
- All of the above.
- If you have a federal tax refund coming, you can direct the IRS to put some of your refund into savings. Which of the following CANNOT be done for you by the IRS?
- Make a direct deposit to more than one checking or savings account.
- Purchase a U.S. Savings Bond for yourself or someone else.
- Make an extra payment to your credit card issuer or your mortgage lender to reduce the balance you owe.
- Deposit your refund onto a prepaid debit card.
FDIC Resources for Consumers
For more information on a variety of banking and money topics important to consumers, visit the web pages listed below. For questions about our consumer resources, please call 1-800-ASKFDIC.
“EDIE," the FDIC's Electronic Deposit Insurance Estimator: An online calculator that assists consumers and businesses in determining their deposit insurance coverage for each FDIC-insured bank where they have deposit accounts. EDIE also provides a printable report showing whether those deposits are fully protected or if some exceed the federal limits.
BankFind: Our online directory that consumers can use to locate an FDIC-insured institution, learn what happened to a bank that changed names or no longer exists, and more.
Information and Support Center: Submit an inquiry or complaint, check the status of such requests, and browse through our Knowledge Center, which provides easy-to-find answers to questions about banking and lending.
Money Smart: A financial education curriculum concentrating on the development of consumers' financial skills and positive banking relationships.
FDIC Consumer News: The FDIC's monthly publication for consumers offers information and tips on credit cards, bank accounts, loans, scams, money management, and much more.
Deposit Insurance Videos: Information about deposit insurance coverage for bank customers.
E-mail updates: Sign up to receive e-mail notices of each new issue of FDIC Consumer News, Consumer Alerts, and other announcements and publications from the FDIC.
Foreclosure Prevention Tool Kit: The webpage provides easy access to helpful information for homeowners on avoiding foreclosure and foreclosure “rescue” scams.
Small Business Webpage: This resource provides useful information for small businesses, especially regarding access to loans, plus an online form to ask the FDIC a question or register a concern.