Take this quick True/False quiz to find out your money management IQ.  Answers are at the bottom of the page--don't peek until you finish the quiz.. 

T      F    1.  It doesn't matter if I don't pay my credit card minimum.

T      F   2.  A bad credit history can cause me to lose a job offer.

T      F     3.  It's ok to write a check for more than the amount I  actually have in my checking account if I know when I will make a deposit.

T      F     4.  A good budget plan will list my income and expenses on a monthly basis.

T      F     5.  I have a cafeteria meal ticket, but the food isn't like Mom's. Therefore, it's a necessity to eat out.

T      F     6.  Because my family is footing my bills, I can forget about money and concentrate on my studies.

T      F     7.  It's wise to buy Wal-Mart bargains even if I don't need them right now.

T      F     8.  Most credit cards have about the same finance charge (e.g., interest fees, service charges, and other costs).

T      F     9.  It's safe to put at least $100 on my G-card because no one else can use it if I leave it somewhere.

T      F    10.  If minimum wage is $5.65, and I work 10 hours a week, I'll clear $56.50 a week for spending money.

Scoring:  Give yourself 5 points for each correct answer, and then read below to find out your money smarts IQ.

 (continue for answers)

______________________________________________________

ANSWERS

1.  False -- If you answered “true” to this one, your credit card company will LOVE you because only they will profit (high interest, penalty fees) from your ignorance. Always pay at least the minimum charge.

2.  True -- Yup, down the road you could be left stranded--without that job you studied so hard for in college. 

3.  False -- Yikes—nobody likes prison.

4.  True

5.  False -- Be creative in the café and make your own creations (just like Mom does at home).  Have some home cookin' creation contests with friends!

6.  False -- Start thinking about investing money (stock/bonds, etc.) while in college.  Learn about budgeting money, and you can say to your parents, "Mom and Dad, I don't need that extra cash from you this month--spend it on yourselves."  True love will bloom...

7. False --“Hey, let’s go just for a few minutes to Wally World” will be a tempting refrain…leave your wallet, credit cards, or cash in the dorm.  Beside, how many times have you fallen into the bargain  trap--and never ever used what you thought was a great buy?  Wally wins again...

8.  False -- Watch this one—the interest rates are sky high (21%) or can become sky high after you get the card.

9.  False -- Lost your G-card?  Run or call immediately to the G-card desk (extension 7011) to report the loss, or someone could have a party on you.

10. False -- Dang--did you forget to subtract taxes?  

SCORE: Add up your points 

50 POINTS:  Genius money smarts IQ.  Keep up the good financial work.

45-40 POINTS:  Average money smarts IQ.  Without financial control, you may be headed towards early debt.

35 POINTS OR LESS:   EMH money smarts IQ (Educable about Money--but Handicapped).  You should make out weekly budgets and try your best to follow them.

Suggestion: Be a friend and give this quiz to a friend.