Individual retirement accounts may not seem like an interesting topic to college students, but the possibility of a tax-free investment accumulating hundreds of thousands of dollars may pique some interest.

The Beta Alpha Psi Accounting Association will sponsor the 50-minute Students on Assisted Roths event at 3:30 p.m. today in room 115 of the Business Administration Building.

The S.O.A.R. program will teach students about financial literacy, saving for the future and will help those with limited funds start their own Roth individual retirement account with the Kent Credit Union for $5. Cake and “Baby Roth” candy bars will also be provided.

“I don’t know where it’s going or what we’re going to do with it, but I think it’s a neat idea,” said Don McFall, an accounting professor involved with the S.O.A.R. program. “Some way other than just talking to kids about what they’re doing where they can actually get involved and get started.”

– Kristyn Soltis

What’s your finance IQ?

Take this financial literacy quiz to see if you should attend Students on Assisted Roths this afternoon.

1. If you want a lower interest rate on your credit card, you can probably get one by just asking.

True

False

2. Credit card companies must give you 60 days notice before raising your rate.

True

False

3. The largest growing population among bankruptcy filers is in which age group?

18-24

25-34

35-44

45-60

4. The interest rate on a fixed credit card doesn’t change.

True

False

5. Every time you check your credit history, you damage your credit rating.

True

False

6. As a group, how much do American college students spend each year?

$25 million

$375 million

$19 billion

$256 billion

7. One or more missed or late credit card payments can negatively affect your ability to:

rent an apartment

buy a car

get a job

none of the Above

all of the above

8. Applying for multiple credit cards has no impact on your credit rating.

True

False

9. If your credit card is stolen and the thief runs up a total debt of $1,000, how much will you have to pay if you notify the card issuer right away?

Nothing

$50

$500

$1,000

10. How many Americans are victims of identity theft each year?

2,600

370,000

750,000

2,500,000

Answers: 1. True; 2. False; 3. 18-24; 4. False; 5. False; 6. $19 billion; 7. All of the above; 8. False; 9. $50; 10. 750,000