Financial Literacy Quiz
Jason mortgage repayment is $1,500 per month. Which of the below repayment strategies would give Jason the biggest savings?
Paying $1,500 a month
Splitting the payment in half and pay $750 on the 1st and $750 on the 30th
Paying an extra $100 each month
I don't know
Which of the following is NOT a good strategy for credit card debt repayment?
Prioritizing paying off the debts with the lowest balances first.
Prioritizing paying off the debts with the highest interest first.
Investing to achieve a greater return than the credit card interest rate.
Getting a loan to pay off the credit cards.
Sarah has her money in a savings account paying 2% interest and inflation averages 3% a year. After one year, would the money in the account allow her to buy…
More than today
Same as today
Less than today
Not Sure
If an investment has returned 10% over the past 3 years, is that a guarantee that it will do well in this year coming?
Yes
No
Not Sure
Which is true in comparing 401K and Roth IRA
401K are Roth IRA are equal - the difference is one is offered by an employer and the other is individual
401K typically offers better returns than Roth IRA
Roth IRA typically offers better returns than 401k
Not sure
I feel my retirement is...
solid because I have a 401K with my employer
I have not idea how to plan for retirement
not going to happen; I will just work till I die
hoping for the lottery or an inheritance
What is the 50/30/20 Rule?
A guideline for how to diversify your investments: by putting 50% in stocks, 30% in bonds, and 20% in high yield savings accounts.
A guideline for budgeting that says you should put 50% of your take-home pay toward needs, 30% toward wants, and 20% toward savings.
Benchmarks for how much you should have saved for retirement when you are 50, 30, and 20 years of age.
A guideline for budgeting that says you should put 50% of your take-home pay towards saving, 30% towards needs and 20% towards wants.
Life insurance...
is a luxury if you can afford it
is not really needed
is all the same whether can be whole life or term but one is not better than the other
something I need but not sure about it and I don't want to buy the wrong thing
It is recommended to have 3 savings accounts. An emergency account, a mid-term savings account, and a long-term retirement account. It is recommended to have how much in the immediate emergency fund?
$1000
$500
as much as you can
not really sure its needed
Which of the following has historically had the highest rate of return over long periods of time?
Stocks
High Yield Savings Accounts
Bonds
Money Market
I Don't know
Which of the following would be expected to hold its value best during a time of inflation?
A House
A Certificate of Deposit
A Corporate Bond
Don't Know
What is a budget?
Hard limit on money you have to spend
A horrible idea
A spending plan showing sources and uses of all income
Don't know
The Rule of 72 is_______.
a method for calculating how much money you'll have saved in 72 months.
a guideline for budgeting and saving money.
a rule for estimating how long it takes an investment to double.
a formula for calculating compound interest.
Part of my financial foundation is to protect my income and my family. This is best done with...
Whole life insurance with a savings account, and an emergency fund
term insurance, a will, and an emergency fund
just wing it seems to work
Yeah, no idea what this means
I feel my family finances are...
in a good spot...not a lot of debt, got term life insurance, good bit of savings, and retirement is solid with a 401K and a Roth IRA
Could use a little bit guidance to set up a budget, and get out of debt....(I mean, it;'s free, right!?)
I need help!! Buried in debt, no savings, not enough income, and the thought of retirement makes me cry
I have all but given up
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