Could You Benefit From Financial Coaching? Trivia Quiz

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Miri
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Quizzes Created: 1 | Total Attempts: 3,043
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  • 1/8 Questions

    When considering purchasing a new home, or renting a new apartment, what percentage of your income should the monthly payment not exceed?

    • 40%
    • 75%
    • 50%
    • 60%
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About This Quiz

Are a financial genius? Do you have the knowledge required to create a secure financial future or could you benefit from financial coaching?
Take the following quiz to find out if you could benefit from the advice of a financial coach or if you already know all there is to know!

Could You Benefit From Financial Coaching? Trivia Quiz - Quiz

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  • 2. 

    In case of legal action against you, do you have an attorney on retainer or $1,500 put aside to retain an attorney?

    • Yes

    • No

    Correct Answer
    A. Yes
    Explanation
    The correct answer is "Yes" because having an attorney on retainer or having $1,500 set aside to retain an attorney indicates that the person is prepared for potential legal action. This suggests that they understand the importance of having legal representation and are financially prepared to handle any legal issues that may arise.

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  • 3. 

    What is your current credit score?

    • 760 or higher

    • 660 to 759

    • 620 to 659

    • 619 or lower

    • Don't know

    Correct Answer
    A. 760 or higher
    Explanation
    The correct answer is 760 or higher. This indicates that a credit score of 760 or higher is considered excellent and reflects a good credit history. It suggests that the individual has a low risk of defaulting on loans and is likely to be approved for credit at favorable terms. Lenders typically view individuals with a credit score in this range as responsible borrowers who are likely to make timely payments.

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  • 4. 

    How much of your income should be set aside in case of an emergency or for large future purchases?

    • 5%

    • 10%

    • 15%

    • 20%

    Correct Answer
    A. 10%
    Explanation
    Experts generally recommend setting aside at least 10% of your income for emergencies or large future purchases. This percentage allows for a balance between saving for unexpected expenses and still having enough income for day-to-day expenses and other financial goals. Saving 10% of your income can provide a cushion for unexpected events and help you avoid going into debt when faced with emergencies or when you need to make significant purchases in the future.

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  • 5. 

    If you do not pay your credit card minimum balance every month, what happens?

    • A $35 charge is incurred

    • The interest rate increases to above 25%

    • Interest is accrued daily

    • The line of credit is suspended

    • All of these

    • None of these

    Correct Answer
    A. All of these
    Explanation
    If you do not pay your credit card minimum balance every month, all of these consequences can occur. A $35 charge is incurred, the interest rate increases to above 25%, interest is accrued daily, and the line of credit may be suspended.

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  • 6. 

    For the past 7 years, have you kept all the records (including receipts) required in case you are audited by the IRS for your taxes?

    • Yes

    • No

    • Don't know

    Correct Answer
    A. Yes
    Explanation
    The correct answer is "Yes" because it indicates that the person has kept all the necessary records, including receipts, for the past 7 years in case they are audited by the IRS for their taxes. This suggests that they have been diligent in maintaining their financial records and are prepared for any potential audit.

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  • 7. 

    You are not eligible for a new line of credit for at least 7 years after filing a bankruptcy.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because the correct waiting period after filing for bankruptcy is not always 7 years. The waiting period can vary depending on the type of bankruptcy filed. For example, Chapter 7 bankruptcy stays on your credit report for 10 years, while Chapter 13 bankruptcy stays for 7 years. However, this does not mean that you are automatically ineligible for new credit during this entire period. It may be possible to obtain new credit before the waiting period is over, although it may come with higher interest rates or stricter terms.

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  • 8. 

    Which amounts can you begin investing with? (Check all that apply)

    • $10

    • $100

    • $500

    • $1,000

    • $5,000

    Correct Answer(s)
    A. $10
    A. $100
    A. $500
    A. $1,000
    A. $5,000
    Explanation
    You can begin investing with any of the given amounts: $10, $100, $500, $1,000, $5,000.

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  • Current Version
  • Mar 10, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 26, 2011
    Quiz Created by
    Miri

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