#81. In 2005, 85 percent of all adults 25 years or older reported to the U.S. Census Bureau that they had completed at least high school.
Quiz: Saving Money
Test your knowledge about saving money!
1. Select all that apply. Paying yourself first means:
a. Putting some of your income into a savings account before paying bills
b. Buying personal items before paying bills
c. Putting money in a savings account if there is any left after paying bills
d. Putting tax refunds or cash gifts in a savings account before spending the money
2. Select all that apply. Saving is important so that you can:
a. Have money for emergencies
b. Achieve your financial goals
c. Manage your money better
d. Improve your standard of living
e. a and b
f. All of the above
3. Which of the following are ways you can save for retirement? Select all that apply.
a. Build home equity, then apply for a home equity loan
b. Invest in stocks, bonds, or mutual funds
c. Establish a 529 Plan
d. Enroll in a 401(k) or 403(b) plan
4. Which of the following are good strategies to apply when selecting the savings or investment option that is best for you? Select all that apply.
a. Select one product to save/invest all your money
b. Choose savings/investment products that match your risk tolerance
c. Trust others to give you good investment advice
d. Re-evaluate your savings/investments periodically
5. What should you consider when establishing goals for saving money? Select all that apply.
a. The amount of money you want to save
b. Timeframe of when you need to access the money saved
c. Ways you can cut spending and save
d. The annual percentage yield (APY) of different savings products
e. All of the above
6. Which of the following would be considered a need rather than a want? Select all that apply.
a. Paying rent/mortgage
b. Buying new clothes on impulse
c. Eating out at restaurants regularly
d. Getting the maximum/largest plan for your cell phone/cable/etc.
7. Which of the following will help you save money? Select all that apply.
a. Pay your bills on time to avoid late fees/extra charges
b. Consider opening a checking account rather than using a check-cashing store
c. Make impulse purchases
d. Save your change at the end of each day
8. APY means:
a. The amount of interest you pay on a loan
b. The annual interest rate you will earn on your savings or other deposit account
c. The minimum percent of your income you must save each year to keep your savings account
d. To be careful you are getting the correct amount of interest on your savings account
