Test your Money Management Skills

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| By Keith Foster
Keith Foster, Quiz Creator
Keith is a dedicated member of ProProfs.com, specializing in creating engaging and diverse quizzes. His passion for knowledge and creativity drives him to develop captivating and enjoyable content. Keith's commitment to high-quality standards and innovative ideas ensures his quizzes are informative and entertaining for a wide audience.
Quizzes Created: 1110 | Total Attempts: 2,809,720
| Attempts: 451
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  • 1/10 Questions

    One should save ___________ percent of gross pay.

    • 10 to 15
    • 30 to 35
    • 50 to 70
    • 80 to 90
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About This Quiz

Would you like to test your money management skills with this quiz that we have designed for you? Money management is meant by the process of budgeting, saving, investing, spending, or otherwise overseeing the financial usage of an individual or group. Money management plays a vital role in an individual's financial life. If your money management is not good, it can create some big problems in the future. Let's see what you know about money management.

Test Your Money Management Skills - Quiz

Quiz Preview

  • 2. 

    In most passbooks savings accounts,

    • Interest rates are higher than money market rates.

    • Interest rates are lower than money market rates.

    • Interest rates are equal to money market rates.

    • There are no interest rates.

    Rate this question:

  • 3. 

    This much money should one keep aside for emergency situations.

    • One month's worth of take-home pay

    • Two months' worth of take-home pay

    • Four months' worth of take-home pay

    • Six months' worth of take-home pay

    Rate this question:

  • 4. 

    According to many financial planners, one should hold emergency reserve assets of the value of how many months of after-tax income?

    • 1 to 3

    • 3 to 6

    • 5 to 9

    • 9 to 12

    Rate this question:

  • 5. 

    Debts should...

    • Always be avoided

    • Be avoided as much as they can be

    • Rarely be avoided

    • Always be accepted

    Rate this question:

  • 6. 

    One should save _________ net (take home) income monthly.

    • Ten percent

    • Thirty percent

    • Fifty percent

    • Ninety percent

    Rate this question:

  • 7. 

    __________ percent of one's gross earnings should go toward paying the mortgage.

    • Up to 28 percent

    • Up to 38 percent

    • Up to 48 percent

    • Up to 60 percent

    Rate this question:

  • 8. 

    What is more important, keeping money for savings or paying credit card bills?

    • Both are not important.

    • Saving money should always be given priority.

    • Paying credit card bills first is better to avoid interest.

    • Both are equally important, and one can decide for themself.

    Rate this question:

  • 9. 

    __________ percent of one's income should be saved for big-ticket items (such as travel, shopping, and entertainment).

    • 5 percent

    • 10 percent

    • 15 percent

    • 20 percent

    Rate this question:

  • 10. 

    This is the most liquid asset.

    • A certificate of deposit

    • A savings account

    • A checking account

    • None of these

    Rate this question:

Quiz Review Timeline (Updated): Nov 16, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Nov 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 14, 2022
    Quiz Created by
    Keith Foster
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