1. One can find the cheapest plane flights by using an Internet website like Travelocity, Expedia, or Orbitz.

A: False : While these websites contain much useful information, they do not list the flights of some discount airlines like Southwest and Jet Blue.

2. It is usually more expensive to lease rather than to buy a new car.

A: True: While monthly payments may be lower on a leased than a purchased vehicle, when you complete these payments you don't own a leased vehicle but do own a purchased one.

3. Auto insurers charge about the same premiums to drivers who own the same make and model cars.

A: False: Auto insurance premiums reflect the characteristics of the driver as well as those of the car. A driver with a poor driving record will be charged more than other drivers.

4. Lowering collision and comprehensive deductibles will lower auto insurance premiums.

A: False: Raising these deductibles will lower premiums. That's because the more you pay as a deductible on a claim, the less your insurer will have to pay.

5. For consumers who want life insurance protection for less than ten years, it is usually wisest to purchase a whole life insurance policy rather than a term life insurance policy.

A: False: If you want to buy a whole life, universal life, or other cash value policy, plan to hold it for at least 15 years. Canceling these policies after only a few years can more than double your life insurance costs.

6. All savings and investment products sold by banks are federally insured.

A: False: In general, savings products like statement savings accounts and CDs are federally insured, but investment products like stocks, bonds, and mutual funds are not.

7. Credit card users typically have 20 to 25 days to make a payment on time after receiving their monthly statement.

A: False: Card issuers typically provide a 20 to 25 day grace period after the statement date (if the previous month's balance was paid in full). But because it takes time for the issuer to mail a monthly statement and time for the card holder to mail it back, card holders have far less time to make a monthly payment on time.

8. If credit card users make a late payment, most card issuers can hike the credit card interest rate to well over 20%.

A: True: Most credit card contracts give issuers the right, when a payment is late, not only to assess late fees but also to impose a penalty interest rate that is typically between 20% and 30%. Not all issuers, however, impose these penalty rates for just one late payment.

9. The least expensive mortgage is the one with the lowest monthly payments.

A: False: The least expensive mortgage is one with the lowest rate, points, and fees with the shortest term. Fifteen-year mortgages, for example, usually have higher monthly payments than 30-year mortgages yet are far less expensive because of lower interest rates and lower interest obligations over the term of the mortgage.

10. Most renters do not need renter's insurance because their landlords are insured.

A: False: A landlord's insurance will not protect the contents of your apartment.

11. The federal government allows manufacturers who sell energy efficient appliances to use a special ENERGY STAR label.

A: True: Appliances with an ENERGY STAR on the yellow Energy Guide label can use up to 50% less energy than appliances without this label.

12. Unit pricing on shelf labels at food stores allows comparison of prices between large and small packages.

A: True: Unit prices, which are used at almost all large food stores, help consumers compare price-per-ounce (or other weight unit) for different size packages.

13. One can find the least expensive burial or funeral option by comparison shopping among local funeral homes.

A: False: One can almost always find the least expensive option by calling a local Funeral Consumer Alliance or memorial society.

14. Different pharmacies charge about the same price for a particular name brand prescription drug.

A: False: Different pharmacies, including those on-line, usually charge different prices for the same name brand prescription drug.