Savings, Investments And Financial Calculators Quiz
When it comes to financial matters one must not only think of a way of meeting their current financial needs but also look forth to the future. The quiz below is specifically designed to test out if you are practicing positive vibes when it comes to your money. Give it a shot and get to review what we learnt on savings, investments and financial calculators. All the best of luck!
- 1.Explain the relationship between having an emergency fund and Murphy's Law.
- 2.Calculate the compound interest: $1,000 at 6% interest for three years
- 3.What are three primary savings goals?
- 4.What was the most important piece of information or concept you learned from this lesson? How will you apply it to your life?
- 5.The first thing you should save for is your retirement fund.
- A.
True
- B.
False
- 6.Pre-authorized checking helps to build discipline in savings
- A.
True
- B.
False
- 7.Your first "Baby Step" is to pay off all of your debt.
- A.
True
- B.
False
- 8.Murphy's Law is more likely to strike if you are prepared for the unexpected events that occur throughout life.
- A.
True
- B.
False
- 9.Place your emergency fund in this type of account ______________
- 10.Baby Step one is __________
- 11.The typical American has a _________________ savings rate.
- 12.Saving must become a ____________________.
- 13.The evergency fund is not a big _________________.
- 14.A fully funded emergency fund is __________ monts of expenses.
- 15.Pay yourself _____________.
- 16.Use the __________________ approach instead of borrowing to purchase things
- 17.The percentage by which your money grows is called the _______________.
- 18.___________________ says that whatever can go wrong will go wrong
- 19.Savings is about:
- A.
Making more money and discipline
- B.
Pride and greed
- C.
Contentment and emotion
- D.
Contentment and earning more money
- 20.For which of the following should you save?
- A.
Wealth building
- B.
Emergency fund
- C.
Purchases
- D.
All of the above
- 21.Which of the following is true about the concept of saving?
- A.
Saving must become a priority
- B.
You will save when you make more money
- C.
You must pay yourself first
- D.
All of the above
- 22.A sinking fund approach means:
- A.
Saving and paying cash
- B.
Buying with credit but paying it off in full before the interest comes due
- C.
Buying with credit, getting a low interest rate, and sinking further into debt
- D.
90 days same-as-cash
- 23.Whch statement is most true about a one-time investment for 40 years?
- A.
The interest rate doesn't matter as long as you leave it alone for 40 years
- B.
It is foolish to only make a one-time investment
- C.
The annual interest rate does matter when making a one time investment
- D.
All of the above
- 24.Which statement is true?
- A.
People spend more money when they pay with cash.
- B.
Using a credit card is safer than carrying cash around.
- C.
When you pay with cash, you can almost always negotiate a better deal.
- D.
When you pay with cash, it is hard to negotiate a deal because you didn't use their credit.
- 25.What is the next step after you have a fully funded emergency fund?
- A.
Pay off the rest of your mortgage
- B.
Finish paying off the last credit card
- C.
Invest 15% of your income into Roth IRA's and pre-tax retirement plans
- D.
Work on both a and b at the same time.
Back to top