Test Your Money IQ! How much do you know about your own finances?
Do you know how much money is in your checking account?
No clue
I have a rough idea
Yes, give or take a few bucks
I know the exact amount
If you pay the minimum amount due on your credit card each month, you won't have to pay interest.
True
False
Are contributions to a traditional 401(k) account deducted from your paycheck before or after taxes?
Before
After
What type of bank currently offers the highest rate of return on savings accounts?
Traditional big bank
Local bank
Credit union
Online bank
What is compound interest?
The process in which your annual credit card interest is calculated
The process in which the value of money you invest or put into savings increases over time.
The interest you pay to borrow money from the bank.
How much debt do you have?
A lot, but I don't know exactly how much
I have a rough estimate
I know the total amount, maybe not down to the dollar or cent
I know exactly how much debt I have
The best way to pay off credit card debt is to start with the card that has the highest interest rate.
True
False
What are the 2 BEST ways to handle your credit cards to make them beneficial to your financial life?
Make sure to pay the minimum each month
Only charge what I can pay off in full down to a balance of zero each month
Pay the full balance before the due date
Pay the full balance before the closing date
How would you pay for a $900 unexpected expense? (Like a car repair or medial bill?
With a credit card
With emergency savings
I would borrow from my 401(k)
With my long-term savings that I can pay back later
I would put it off until I could pay it
How much do you have saved for emergencies?
Nothing
I have a 401(k) I would use
3-6 months worth of living expenses
About $1,000 for unexpected expenses
Do you know where your money goes each month?
Not really
I usually check toward the end of the month or pay period
Yes, I have a budget for each area of spending & track it throughout the month
I have a budget and keep track of it in my head
What's the best way to set and reach a savings goal? (maybe for a vacation, down payment, car purchase etc.)
Set aside 10% of my income every month toward the goal
Set a deadline for when you want to reach the goal and figure out how much to save each month
Set a deadline and put money away whenever you can
Take out a personal loan
What's the difference between a checking account and savings account?
Nothing
A checking account comes with a debit card
A savings account is set up to earn you interest on your money
A checking account is a better place to keep all your cash
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