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Take the F.A.T.—Financial Aptitude Test


See how well you score on this financial aptitude test. Answers are at the bottom of the test.

True or False:

1. It's always smart to send a minimum credit card payment and stretch out payments as long as possible.

2. Your credit record can be a factor when you apply for a loan or credit card but cannot affect non-credit decisions such as applications for insurance or an apartment.

3. A debit card may be a good alternative to a credit card because the money is automatically deducted from a bank account, thus avoiding interest charges or debt problems.

4. It makes no sense for very young adults to put money aside for retirement many years away. People in their 20s should focus on monthly expenses and short terms goals and not start saving for retirement until their 30s at the earliest.

5. If you receive an email from a company you've done business with asking you to update your records by entering your Social Security number or bank account numbers, it's safe as long as the email explains the reason and the email shows the company's official logo.

6. If you or your family has $250,000 or less on deposit at an FDIC insured bank, and the bank fails, your money is completely safe.

7. All checking accounts are pretty much the same in terms of features, fees, interest rates, balance requirements, etc.

8. There's no harm in having many different credit cards, especially when they offer free giveaways as incentives. The number of cards you carry won't affect your ability to get a loan; what matters is that you use the cards responsibly.

9. While one or two late payments on bills may not damage your credit record, making a habit of it will count against you.

10. The best way to avoid a "bounced" check is to keep your checkbook up to date and closely monitor your balance. Institutions do offer "overdraft protection" services but these programs come with their own added costs.

11. When it comes to finances, how one handles money is no different for the Christian than it is for a non-Christian.


1. False

2. False

3. True

4. False

5. False

6. True

7. False

8. False

9. True

10. True

11. False

Don Spencer is Kentucky Baptist Convention Church Financial Benefits Consultant.

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