Have you been paying attention in class, or did you scroll past all my hard work? Test your skills by answering these 23 questions we have tackled recently in Dollar Scholar. You might just win a prize! Click below to get started.
Let's start off with some softballs. Do I need a good credit score even if I'm not going to buy a house anytime soon?
A.
yes, because Harry Styles has said he'll only date a woman who has an 850 and not a point lower
B.
yes, because my credit score affects other parts of my life, including whether I get approved for certain apartments and the cost of my cell phone contract
C.
no, because credit scores are used solely for mortgages and that's it — nobody else cares about them
D.
no, because my credit score is out of my control
2.
Which of these should I absolutely NOT do if I want to negotiate down the cost of my internet bill?
A.
call during business hours
B.
bring research on competitors' prices
C.
be kind but assertive
D.
use the Bane voice on the phone as an intimidation tactic
3.
What happens if I make an early withdrawal from my 401(k)?
A.
I have to pay income taxes plus a 10% penalty
B.
the FBI kicks down my door in a surprise early-morning raid
C.
I lose all retirement privileges and have to work forever
D.
the IRS very politely asks me to put it back
4.
Experts often recommend the 50/30/20 rule for budgeting. What is that?
A.
it's where you spend 50% of each paycheck on frozen margaritas, 30% on chips and 20% on guac
B.
it's where you save $50 a week until you turn 30 and then blow it on 20 different items you didn't *really* need on your next Target trip
C.
it's where you invest 50 cents into your 30 favorite stocks for 20 days just to see what happens
D.
it's where you put 50% of your income toward living expenses, 30% toward discretionary spending and 20% toward savings
5.
Merchants typically require both shipping and billing addresses because they use AVS to avoid payment fraud. What does AVS stand for?
A.
Avian Victory Squad
B.
A Viscous Sauce
C.
Address Verification Service
D.
Accurate Vacation System
6.
Why might I decide to add someone as an authorized user on my credit card?
A.
to help them build credit without taking on a ton of risk
B.
so they'll owe me a favor that I can collect later
C.
to sneakily get them into debt
D.
so they'll buy me stuff like that $80 Taylor Swift jacket I've been eyeing lately
7.
Who do I mention in almost every issue of Dollar Scholar? Seriously, I never shut up about...
A.
Jeff Bezos
B.
the Jonas Brothers
C.
Joe Biden
D.
Justin Bieber
8.
Time to up the difficulty. What is the most commonly used PIN?
A.
3333
B.
1234
C.
8008
D.
2468
9.
The federal tax filing deadline this year got moved to June 15 due to the pandemic. Last year, it was July 15. But usually, it falls on ___.
A.
December 31
B.
January 1
C.
February 29
D.
April 15
10.
Just like how a fire needs oxygen, fuel and heat to ignite, a financial bubble generally needs _____ to start.
A.
a wand, soap and air
B.
Robinhood, a billionaire who won't log off Twitter and Saturday Night Live
C.
marketability, money/credit and speculation
D.
a recession, a major news event and a cryptocurrency
11.
The interest rate on my high-yield savings account is supposed to be, y'know, high. So why is it so low right now?
A.
Marcus hates me
B.
Synchrony Bank got enough customers back in 2018 and now doesn't care about acquiring any more
C.
it's the Checking Account Mafia at work
D.
companies like Ally follow the Fed's lead when setting rates, and the Fed slashed 'em in March 2020
12.
What is a stock split?
A.
when a company divides its shares and makes the price lower so as not to crowd out retail investors
B.
when you're making chicken broth and the oil separates
C.
how SpongeBob SquarePants ripped his pants
D.
when someone is undecided on which stock to buy and is feeling torn in two different directions
13.
Warning: These are about to get really hard. What does fungible mean?
A.
it refers to food that tastes like mushrooms (ew)
B.
it refers to a good that can be mutually exchanged 1:1
C.
it refers to an exciting transaction
D.
it refers to a four-letter word Dollar Scholar is not allowed to use
14.
Which of these has NOT been made into a non-fungible token, or NFT?
A.
a famous Shawn Mendes outfit
B.
a video of a Russian man eating a bat
C.
a beer pong game against Post Malone
D.
Dollar Scholar's first issue
15.
What TV show did I watch 15 seasons of (and write often about) last year?
A.
Friends
B.
Gilmore Girls
C.
Supernatural
D.
The Mandalorian
16.
Why do ticket websites like Ticketmaster charge service/convenience fees?
A.
they want me to go bankrupt seeing Machine Gun Kelly
B.
because it's more... convenient... for them to make money (same)
C.
they have to bid to be the exclusive ticket provider for venues, and to get chosen, they have to cut deals
D.
the artists ask them to
17.
Say there's something inaccurate on my credit report, and I tell the bureau(s). Under the Fair Credit Reporting Act, how long do they have before they must respond to me?
A.
7 days
B.
30 days
C.
90 days
D.
they can take however long they want (time is a flat circle, anyway)
18.
Which of these factors might an underwriter use to determine my life insurance rates?
A.
my age
B.
my smoking habits
C.
my driving records
D.
all of the above
19.
You're almost finished! Ideally, the Federal Reserve wants inflation to be ___%.
A.
1
B.
2
C.
0
D.
10
20.
Internet Gold often features cute animals in places they shouldn't be. (Think: bear in hot tub.) But which combination HAVEN'T we seen yet?
A.
deer in hammock
B.
chicken on sled
C.
moose in pool
D.
woodchuck on dog
21.
What credit utilization rate do I need to keep my score healthy?
A.
under 30%
B.
under 50%
C.
under 70%
D.
under 90%
22.
Why is it usually a bad idea to have multiple robo-advisors running at once?
A.
uh, I don't know, a little thing called SKYNET?
B.
they don't know about each other, which means they require extra maintenance and could cancel each other out
C.
they make bad investing decisions
D.
the robots get jealous of each other too easily
23.
And, finally, there's a photo of me at the top of every issue of Dollar Scholar. What color are my glasses?
We're all still learning, so it's OK that your grade isn't that high. Click below to visit Money.com and brush up on past issues of Dollar Scholar. Then come back and take this quiz again. 😎
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