Financial literacy

Question 1

What does APR stand for?

Accepted Answer

Annual Percentage Rate

Question 2

Gross income is the amount you take home after taxes and deductions.

Accepted Answer

False

Question 3

An emergency fund should cover at least 3 to 6 months of living expenses.

Accepted Answer

True

Question 4

What is the first step in creating a budget?

Accepted Answer

B) Track your income and expenses

Question 5

What does a credit score measure?

Accepted Answer

How likely you are to repay borrowed money

Question 6

The earlier you start investing, the more you benefit from compound interest.

Accepted Answer

True

Question 7

What’s the recommended percentage of your income to save each month?

Accepted Answer

20%

Question 8

What is financial literacy?

Accepted Answer

Understanding how to manage money effectively

Question 9

True or false: Length of credit history has the BIGGEST impact on your credit score?

Accepted Answer

False

Question 10

Which retirement account offers tax-free withdrawals in retirement?

Accepted Answer

Roth IRA

Question 11

True or false: Boys and Girls Club has a tuition reimbursement program where staff can get up to $500 in reimbursement

Accepted Answer

True

Questions 11