FALMOUTH VIPS
  • Volunteer
    • Request a Volunteer (FPS Staff)
    • Getting Started
    • Volunteer Hours Log
    • Forms
    • VIPS Volunteer Handbook
    • Volunteer of the Year Award
    • Student Volunteer Opportunities
  • Programs
    • School-based Mentoring Programs
    • College Mentoring Program
    • Pathways Program
    • Financial Literacy Programming
    • Be Fit, Be Well/Girls Circle
    • Wellness Wednesday Videos
    • Work It Out
    • Career Education Programming
    • Cross Age Science Teaching (CAST)
  • Events
    • "I Love VIPS" Campaign
    • VIPS Elementary Track Meet
    • NO GUFF Week
    • Volunteer Appreciation Event
  • Community
  • About VIPS
    • Contact Us
    • Board of Directors
    • Support Falmouth VIPS
    • Falmouth Schools
  • Donate

Check your Financial Literacy IQ!​

Q 1: Which factor can negatively affect your credit score?
A:  Closing a credit card with zero balance can negatively impact your credit score. While being a day late with your credit card payment is not advised, there is a slightly longer grace period before it impacts your credit score.

Q2: Who may request access to your credit score?
A:  E. All of the above: your employer, your student loan provider, your landlord, and your auto insurance company call all access your credit score to rate your ability to pay your bills on time.

Q3:  Where can you obtain a FREE copy of your credit report?

A: C. You can request a FREE credit report annually from annualcreditreport.com, the central website set up by the three nationwide credit reporting companies.These are the most accurate reports and will provide the detailed information that a lender would request (for mortgages and other large loans).

Q4:  Other than the price of a car, what other factors are used in calculating a car loan payment?
A:  B. When calculating your auto loan payment, the following factors are used: interest rate, credit score, and length of the loan.

Q5:  When do you start owing federal and state income taxes?
A:  C.
 Owing state and federal taxes is dependent on your income level, not your age or just because you earn a paycheck.

Q6:  What taxes can be taken out of your paycheck?
A:  D.
 All of the above. The following taxes may be taken out of your paycheck: FICA-Social Security, FICA-Medicare, Federal and state income taxes.

Q7:  When you direct 10% of each paycheck into a savings account, what is this strategy called?
A:  E.
 Automatically directing a portion or percentage of each paycheck into a savings account is a savings strategy known as "pay yourself first."

Q8:  What is the most likely reason for a budget to fail?
A: D. Although impulse purchases can make sticking to a budget difficult, it is not having an emergency fund that can do the most damage to your monthly budget if you incur a significant, unforeseen expense.

Q9: When can contributions to a Roth IRA be withdrawn tax-free and without penalty?
A:  E. One of the best things about a 
Roth IRA--and why everyone should have one if you're eligible--is that you can withdraw your contributions anytime, without taxes or penalty. It is only the earnings (or growth) that is subject to the 5-year and age 59.5 rule. So it can do double duty as your emergency fund!

Q10: What is a 401(K) plan?
​A: A. A 
401K plan is a retirement savings plan offered through employers.
Falmouth Volunteers In Public Schools (VIPS)
c/o Falmouth High School, 874 Gifford St., Falmouth, MA 02540
(508) 548-1621   vips@falmouth.k12.ma.us
Copyright © 2023 Falmouth Volunteers in Public Schools (VIPS)
Picture
  • Volunteer
    • Request a Volunteer (FPS Staff)
    • Getting Started
    • Volunteer Hours Log
    • Forms
    • VIPS Volunteer Handbook
    • Volunteer of the Year Award
    • Student Volunteer Opportunities
  • Programs
    • School-based Mentoring Programs
    • College Mentoring Program
    • Pathways Program
    • Financial Literacy Programming
    • Be Fit, Be Well/Girls Circle
    • Wellness Wednesday Videos
    • Work It Out
    • Career Education Programming
    • Cross Age Science Teaching (CAST)
  • Events
    • "I Love VIPS" Campaign
    • VIPS Elementary Track Meet
    • NO GUFF Week
    • Volunteer Appreciation Event
  • Community
  • About VIPS
    • Contact Us
    • Board of Directors
    • Support Falmouth VIPS
    • Falmouth Schools
  • Donate