New soldier mistakes quiz
1 / 7
1. What financial protection does the Military Lending Act (MLA) provide to active-duty service members?
Incorrect!
CORRECT! The MLA limits interest rates on certain types of credit, including auto loans, to a maximum of 36% APR.
2 / 7
2. What percentage of service members engage in binge drinking?
CORRECT! Studies have found that approximately 34% of service members reported binge drinking within the past month.
3 / 7
3. What financial mistake do new soldiers often make?
WRONG!
CORRECT! Many new soldiers fall into the trap of taking high-interest loans for cars or unnecessary purchases.
4 / 7
4. What is a common sign that a soldier is being financially exploited at a strip club?
CORRECT! If someone is asking for expensive gifts, it’s often a sign of financial exploitation rather than a real relationship especially if you are not engaging in common relationship activities.
5 / 7
5. What is the recommended maximum percentage of your income to spend on a car payment, including insurance and maintenance?
CORRECT! Financial advisors recommend allocating no more than 15% of your income to vehicle expenses to maintain financial stability.
6 / 7
6. What is the most common financial problem among active-duty military members?
NOPE!
Correct!! Credit card debt is a common financial challenge due to high-interest rates and impulsive spending habits.
7 / 7
7. What is one of the biggest financial mistakes new soldiers make with their first paycheck?
Not correct!!
CORRECT! Many new soldiers splurge on expensive items like large TVs, cars or other things instead of planning for future financial stability.
Your score is
The average score is 63%
