Knowledge Pre-test Our Leaders (ages 12-15) Our Leaders NameEmailPreviousNext1. What is a credit score? A score that shows how likely you are to pay back a loan A score that shows how smart you are A score that shows how much money you have2. What is a credit report? A report that shows your credit history A report that shows your test scores A report that shows your TV-watching history3. What is a mortgage? A loan to buy a house A loan to buy a car A loan to buy a toy4. What is a car loan? A loan to buy a car A loan to buy a house A loan to buy a toy5. What is an emergency fund? Money you save for unexpected expenses Money you save for a vacation Money you save for toysPreviousNext6. What is compounding? The process of earning interest on interest The process of earning money for playing video games The process of earning money for watching TV7. What is diversification? Investing in a variety of different types of assets to reduce risk Investing in a variety of different types of toys to reduce risk Investing in a variety of different types of video games to reduce risk8. What is a retirement account? An account to save for retirement An account set up by kids for their parents when they retire An account to watch TV in retirement9. What is a will? A legal document that outlines how a person's assets will be distributed after their death A document that outlines a person's financial goals A document that outlines a person's future plans A document that outlines a person's debts10. What is compound interest? Interest earned on the initial principal and the accumulated interest Interest earned only on the initial principal Interest earned only on the accumulated interest Interest earned on the principal and a fixed rate Previous Submit