Your credit score, which is represented as a number between 300 and 850, is a crucial component of your financial health. The better your score, the more likely you are to get a good deal on a home, car or any other loan.
But the results of surveys and money IQ tests show that there's a lot of confusion when it comes to credit. In fact, 25 percent of millennials don't even know what a credit score is.
As part of a six-question money quiz, personal finance site GOBankingRates stumped more than half of its 2,000 respondents with this question about credit: "True of false: Income does not impact your credit score."
The answer is "True," since your income does not directly affect your credit score. Only 40 percent of respondents got it right.