What's inside

What's your money IQ?

Join us every week in October to take a smart money quiz. Check out the new set of questions weekly and enter to win cool prizes.

After you read the results of your quiz, enter your name and campus e-mail address for the prize drawings. You'll be notified by e-mail if you are one of the lucky winners to be chosen at random throughout Financial Literacy Month in October.

Quiz 3 - Ins and Outs of Credit

1. What is a credit card?

   An ice scraper
   A temporary loan that must be repaid monthly
   A way to have the coolest stuff
   Free money
   

2. Why do you need to have good credit?

   To buy a house.
   To buy a car.
   To get a new job.
   To rent an apartment.
   All of the above
   

3. The best way to establish credit is:

   Open a checking account.
   Buy a new car.
   Sell everything you own.
   Go back to sleep.
   

4. What is NOT true about credit?

   Credit can save on utilities and services costs by better offers
   and no deposits required.
   Too much credit can hurt your credit rating.
   Bad credit can land you in "debtor's" prison.
   Bad credit can mean higher interest rates.
   

5. The best way to improve your credit score is:

   Make your payments on time.
   Pay double if you miss a payment.
   Don't go over your credit limits.
   Don't cosign on loans.
   

6. What situations should put me on my guard?

   Someone representing a charitable organization calls to solicit a donation.
   You receive an e-mail that asks you to click to protect personal information.
   Bills for purchases are not sent in a timely pattern.
   Your credit application is denied.
   All of the above