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20 QuestionsShow answers
  • Question 1
    20 seconds
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    Q. How is wealth defined?
    answer choices
    How much money you have in your Checking and Saving accounts
    Debts - Assets
    All assets, including money in the bank + retirment
    Assets - Debts
  • Question 2
    30 seconds
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    Q.

    Which of the following is FALSE about saving and investing? (hint: choose 2 correct answers)

    answer choices

    Saving doesn't outpace inflation; investing usually does

    Both saving and investing generally have low returns

    Saving is for short-term; investing is for the long-term

    Saving has more risk; investing has less risk

  • Question 3
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    Q. Which is NOT a typical goal for a savings account?
    answer choices
    To create an emergency fund
    To pay for higher education
    To save for a new car
    To buy groceries for this week
  • Question 4
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    Q. What is a general rule of thumb on how much you should save?
    answer choices
    5% of your income
    10% of your income
    20% of your income
    30% of your income
  • Question 5
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    Q. What is a 529 account?
    answer choices
    A type of retirement account for teens & younger adults
    A special type of saving account for minors
    A tax exempt fund that lets your savings grow for school
    A special type of saving account for college students only
  • Question 6
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    Q. About how much should you save in an emergency fund?
    answer choices
    1-3 months of living expenses
    3-6 months of living expenses
    6-9 months of living expenses
    9-12 months of living expenses
  • Question 7
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    Q. What is a good strategy to help you save?
    answer choices
    1st, spend money on all expenses; put the rest into saving
    Tap into your savings on a regular basis to purchase small items, like snacks
    Pay yourself first - set aside money for savings each month
    Keep your spending and saving money together in 1 account
  • Question 8
    30 seconds
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    Q.

    Which of the following is FALSE about opening up a Roth IRA? (hint: choose 2 correct answers)

    answer choices

    A person of any age with earned income can open one

    It can help teens start saving for retirement early

    Compounding occurs at a slower rate in a Roth IRA

    You need to put at least $1,000 in it every year

  • Question 9
    20 seconds
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    Q.

    What is a reason for why so many Americans live paycheck-to-paycheck?

    answer choices

    Many people are paying themselves first and then spending

    Many people only buy what they NEED, not what they WANT

    Many people impulse shop

    Many people spend within their budget

  • Question 10
    20 seconds
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    Q. What is a benefit of opening up a Health Savings Account (HSA)?
    answer choices
    The funds expire only every 5 years
    You earn interest, but it's taxed
    You can use the funds for retirement once you're 75
    You can use pre-tax $ to pay for out-of-pocket costs
  • Question 11
    20 seconds
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    Q. How does the 50-20-30 rule distribute your income?
    answer choices
    50% expenses, 20% flexible spending, 30% saving
    50% expenses, 20% saving, 30% flexible spending
    50% flexible spending, 20% saving, 30% expenses
    50% saving, 20% flexible spending, 30% expenses
  • Question 12
    20 seconds
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    Q. How is compound interest different than simple interest?
    answer choices
    It is simple interest - interest earned on that interest
    It is double the simple interest earned on an investment
    It is simple interest + interest earned on that interest
    It's not different; they are one and the same
  • Question 13
    30 seconds
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    Q.

    Which is TRUE about online saving accounts? (hint: choose 2 correct answers)

    answer choices

    Usually have higher interest rates than non-online accounts

    They usually have lower costs compared to brick-and-mortar banks

    Online accounts are not FDIC insured

    You can withdraw money an unlimited # of times

  • Question 14
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    Q. Assuming a rate of growth of 8%, in how many years will your $ double?
    answer choices
    3 years
    6 years
    9 years
    12 years
  • Question 15
    20 seconds
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    Q.

    At what rate does your $ need to grow in order to double in 18 years?

    answer choices

    2%

    4%

    6%

    8%

  • Question 16
    20 seconds
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    Q. Saving accounts differ from checking accounts in that...
    answer choices
    Money in a saving account can be used to fund a bank's loans
    Saving accounts let you withdraw $ an unlimited # of times
    Saving accounts come with more fees than checking accounts
    Checking accounts offer higher interest rates
  • Question 17
    30 seconds
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    Q.

    What might you need to open a savings account? (hint: choose 2 correct answers)

    answer choices

    Minimum opening deposit

    Your previous year's tax returns (or your parents')

    The routing number to a checking account

    Identification

  • Question 18
    20 seconds
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    Q. How does inflation impact the money in your savings account?
    answer choices
    Inflation decreases only the $ you earn in interest
    Inflation increases the value of the money in your account
    Inflation has no impact on $ in your savings account.
    The purchasing power of your money decreases over time
  • Question 19
    20 seconds
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    Q. True or False: You need a checking account to open a savings account.
    answer choices
    True
    False
  • Question 20
    30 seconds
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    Q.

    Which is TRUE about Certificates of Deposit (CDs)? (hint: choose 2 correct answers)

    answer choices

    You agree to keep $ in a CD for an undetermined period of time

    You pay the bank some interest to keep $ in the CD

    The bank can loan out the $ in your CD

    The bank pays you interest in return

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