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Let’s talk about money basics and test your financial IQ with a short quiz. If you don’t feel ready, you can study for the quiz and come back!

Question: Who is FICA

TRUE OR FALSE – The Federal Insurance Contributions Act tax (FICA) is made up of two federal taxes and is only taken out of your check if you are a retired person.

What goes into a credit score?

MULTIPLE CHOICE – Credit reporting companies calculate your credit score based on

What is a credit union?

TRUE OR FALSE – To use a credit union you generally have to meet the requirements of the credit union to join – usually based on groups that include the community you live in, your employer or religious institution.

What is a payday loan?

MULTIPLE CHOICE – Payday loans can have an annual percentage rate (APR) of:

How do you make deposits into your bank account?

YES OR NO – When making deposits into your bank account, do you have to go to your bank or credit union’s physical location

How do I protect my online account with a strong password?

TRUE OR FALSE – For ease of use, you should create one strong password to use for all of your online accounts

How do you secure your Social Security number?

TRUE OR FALSE – You will need to give your Social Security number to an employer for wage and tax reporting purposes.

What is your personal information that should be kept secure?

MULTIPLE CHOICE – You should keep the following personal information secure to prevent identity theft:

What is a savings account?

MULTIPLE CHOICE – What is a savings account?

What is responsible credit card behavior?

MULTIPLE CHOICE – Responsible credit card behavior includes:

You’re finished! You got right.

Congratulations! Arkansas Student Loan Authority is here to help you get control of your money and navigate the student loan repayment process.

Read more about Money Basics for further explanation or to explore other topics.