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Everfi: Savings

Quiz by Ellen Frey

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9 questions
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  • Q1
    Which of the following statements is usually true about individuals who are financially literate?
    They achieve all of their financial goals.
    They almost always choose stocks and bonds that increase in value.
    They understand the basics of personal finance & money management.
    They have high debt and low savings.
    30s
  • Q2
    Goals:
    are generally the same for middle class families.
    need to reflect current income.
    need to be realistic, have a target date, and, if possible, an associated cost.
    remain the same year after year, throughout life.
    30s
  • Q3
    A good example of a well-stated financial goal is:
    buy a house.
    become financially independent.
    buy a $25,000 car.
    pay off $5,000 in credit card debt in two years.
    30s
  • Q4
    Financial planning helps individuals to:
    guarantee future income.
    achieve all goals by set target dates.
    eliminate risk on investments.
    have strategies for saving and investing.
    30s
  • Q5
    Julian is a single, recent college graduate who just got his first full-time job. Which of the following should be his first financial goal?
    establishing a fund for emergencies.
    buying a life insurance policy.
    buying a house.
    creating a stock portfolio.
    30s
  • Q6
    Which of the following will help you the LEAST in managing your money?
    pay your rent/mortgage payment and utility bills on time.
    plan ahead for large expenses, shop with a list, and resist impulse buying.
    get advice from your friends.
    set goals and keep a budget for your net income.
    30s
  • Q7
    You want to gain control over your income and spending so that you will be able to save money. Which step will help you the most?
    developing a retirement plan.
    applying for a loan.
    getting advice from a friend.
    developing a budget.
    30s
  • Q8
    Electricity and food expenditures are:
    discreet expenses that do not have to be paid monthly.
    fixed expenses that remain the same from one period to another.
    variable expenses that change from one period to another.
    personal expenses for an individual or family.
    30s
  • Q9
    Discretionary income is:
    the difference between your total income and your essential living expense.
    a capital gain.
    income and has been spent.
    wages plus investment income.
    30s

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