Financial Knowledge Test

Capital Community Credit Union (CapCom) here and Capital Area Michigan Works have teamed up to offer "Earn It Back," a program to help community members with bad credit learn how to manage their money and, in turn, become worthy CU members. As part of the program, members must take a test. Below are some of the questions asked:

Which of the following is not a mandatory deduction to come out of your paycheck?

A) Federal income tax B) Pension C) State income tax D) Medicare tax E) FICA

What does PYF stand for?

Andrew takes his $250 paycheck to the local party store to cash it. He pays their fee and walks out with $220 cash in his pocket. Once he gets home, he finds his phone bill on top of his microwave and realizes that it was due last week. He gets a money order for $50 to pay it. By Tuesday, he only has $20 left and can't remember where it all went. He made six mistakes. Identify four of them and explain what he could have done instead:

"Capacity" refers to:

A. How much debt you have

B. How much credit is available to you

C. How many collections you have against you

How many months does it take to get back the points you lose when you make a late payment?

A) 12 months B) 6 months C) 24 months

Today is January 1st and Paige writes January 15th on the check she is giving to Meijers because she will get paid on the 14th. They cannot cash the check until the 15th: True or False