Saving Money Post Test
Quiz by Juli
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29 questions
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- Q11. 45% of Americans have less than $1,000 saved for a(n) .CarNew SmartphoneEmergencyRetirement fund30s
- Q22. You'll have less freedom with your money if you . . .put money in a bank accountmake less than $35,000are paying for things in your pastInvest in the stock market30s
- Q33. Once you have a $500 emergency fund, you should . . .invest it in the stock market to grow your moneysave it until you have an emergencyuse the money to pay for health insurancestart putting it towards debt30s
- Q44. The first step you should take when you want to make a large purchase is . . .get a new credit cardask your parents to loan you the money with low interestdecide how much you need to save and the time frame you want to save it insell something and use the proceeds30s
- Q55. The best way to build wealth is to start investing early. You should start investing money . . .when the stock market is performing really wellas soon as you have extra cashonce you are out of college, living debt free, and have three to six months of living expenses savedonce you have a fully funded emergency fund30s
- Q66. Why do some accounts, like savings accounts at your local bank, earn interest?because the bank pays you to use your moneybecause of inflationbecause those accounts always have great interest ratesbecause you deposit money, adding to your principal each month30s
- Q77. It's not IF an emergency will happen, but . . .WhereWhyHowWhen30s
- Q88. If you really want to save money, you've got to . . .invest in a Roth IRAhave a financial advisorlive on less than you makefly economy class30s
- Q99. The only place you should keep your emergency fund money is...a Roth IRAan envelope in a safe placea safe in your bedrooma savings account or money market account30s
- Q1010. If people saved the equivalent of a car payment each month for a year or two (instead of spending it on payments and interest), they could have enough money to buy a car with cash for much cheaper!TrueFalse30s
- Q1112. The interest rate on a savings account determines . . .how quickly your money will grow over timehow much you will pay the bank to manage the accountthe amount of time your money will be in the accounthow much money you need to have to open the account30s
- Q1213. Debt is a tool to use to make you wealthyFalseTrue30s
- Q1314. You should budget in this order: giving, savings, spending.FalseTrue30s
- Q1415. is a millionaire's best friend.compound growthprofit sharinghigh returnsaccrued interest30s
- Q1516. The purpose of an emergency fund is to . . .cover unexpected expenses with cash and protection from having to pile up debt when something goes wrongteach you discipline - saving is purely a good exercise in self controlhave extra money in a checking account in case you need to transfer some to spending categoriesteach you how to invest in growth stock and mutual funds30s