Banking and Credit Quiz

Piggy Bank

Table of Contents

Many people simply do not want to take the time to find out where they stand financially. At David Sklar & Associates we know it is scary, but the sooner you face up to your finances, the sooner you and your family can start on the road to financial security. The goal of this banking and credit quiz is to find out if you truly understand how your finances are organized and what you owe to who? In most cases, completing this quiz will not be a fast, or easy process – but once it is done you will have a better understanding of where you and your family stand financially.

This quiz focuses on several important aspects of banking and credit finances, however, it does not include questions on RRSPs, RIFFs, investments etc. If you want to add these and other details to your answers, feel free to do so.

1.  How many checking accounts do you have? If one or more:

a. How much is in each of you checking accounts?

b. If you are earning interest in your checking accounts – what is the rate?

c. What do you use your checking accounts for?

d. Do you have debit card access to your checking accounts?

e. What banking fees apply to your checking accounts?

f. If you have overdraft protection on your checking accounts:

i.   What is the current amount of overdraft you have in your checking accounts?

ii.  What rates of interest apply to each of your overdrafts?

iii. What is the maximum you can have in overdraft?

iv. How many times in the last 24 months have you been in overdraft?

g. If you have automatic withdrawals on any of your checking accounts:

i.   Who are the withdrawals for?

ii.  How much are the withdrawals for?

iii. When are the withdrawals made?


2.  How many savings accounts do you have? If one or more:

a. How much is in each of your savings accounts?

b. What are each of your savings accounts designed to be used for?

c. What current rates of interest are you earning on your savings accounts?

d. Do you have debit card access to your savings accounts?

e. What banking fees apply to your savings accounts?


3.  Do you have one or more TFSAs (Tax Free Savings Accounts)? If so:

a. How much is in each of your TFSAs?

b. What format are each of your TFSAs in – ie Savings, GIC, etc?

c. What interest rate are you earning for each of your TFSAs?


4.  Do you have an emergency fund? If so:

a. How much money is in your emergency fund?

b. Where do you keep your emergency fund? If in a bank:

i.   How much interest are you earning on your emergency fund?

c. Is it sufficient to keep your household running for three months?

d. What criteria have you set to determine if a situation is an emergency?


5.  If you have a home with a mortgage:

a. How much is your mortgage for?

b. How much is your current mortgage payment?

c. How frequent is your mortgage payment (ie monthly, bi-weekly, etc)?

d. What is the current rate of interest you are paying?

e. Is your mortgage fixed or variable?

f. How long is the current term of your mortgage?

g. How many years is your mortgage amortized over?

h. When is your current mortgage up for renewal?

i. What options does your mortgage have for making accelerated payments?


6.  If you have one or more auto loans:

a. How much to you owe on each auto loan?

b. What is the interest rate on each of the loans?

c. How long is the term of each of the loans?

d. When will each of the loans be paid off?

e. What options do your auto loans have for accelerated payment?


7.  What is your current credit rating?


8.  How many credit cards do you have?

a. How much do you currently owe on each of your credit cards?

b. What is the interest rate for each of your credit cards?

c. What is the maximum credit available for each of your credit cards?

d. If there are annual fees for your credit cards – how much are they?

e. Are there additional fees for going over your credit limit?

f. Are there any other additional fees on your credit cards?

g. Do you normally pay off your credit cards before any interest is charged?


9.  If you have any loans besides a mortgage, auto, and credit cards:

a. What are each of the loans for?

b. What is the interest rate on each of the loans?

c. How long is the term of each loan?

d. When will each of the loans be paid off?

This is, of course, just a quiz and by no means a complete picture of your finances. If you have taken the time to answer each question completely – Congratulations! You most likely learned a few things you did not know before, and you may have identified areas where you can make improvements.

Identifying and taking responsibility for your own finances can be the beginning of an exciting journey of self-discovery and self-reliance. It will also be a lot of hard work – but no one else can do it for you.

Note: if after taking this quiz (or even after just reading it over), you decide to put yourself on a budget – you might want to visit our Budget Basics Series.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
I was a reck talking yo Jason Sklar was easy comfortable he explained everything and put my mind at ease I would recommend the team od sklar to everyone. I have already talked to my ci workers about them
kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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