Financial Wellness

Question 1

Who said, "Never spend your money before you have it?"

Accepted Answer

Thomas Jefferson

Question 2

Which dilemma might require the use of an emergency fund?

Accepted Answer

sudden job loss

Question 3

What does the average American spend most on?

Accepted Answer

Housing

Question 4

How much does the average American family make/ year?

Accepted Answer

80k

Question 5

You need to have money to make money.

Accepted Answer

False

Question 6

Which of the following is a great FICO (credit) score?

Accepted Answer

850

Question 7

What percentage of Americans are bankrupt?

Accepted Answer

16%

Question 8

Which is the most common retirement fund?

Accepted Answer

401k

Question 9

Financial analysts recommend saving this amount before retirement:

Accepted Answer

$1,000,000

Question 10

Most credit cards compound interest daily.

Accepted Answer

True

Question 11

What percentage of Americans are living paycheck to paycheck?

Accepted Answer

70%

Question 12

Overdraft protection- an automatic loan made to an account when charged more than you possess.

Accepted Answer

True

Question 13

Compound interest is basically interest on interest.

Accepted Answer

True

Question 14

Inflation is the rising price of goods and services over time.

Accepted Answer

True

Question 15

What is the percentage of students who believe they are prepared to manage personal finances?

Accepted Answer

25%

Question 16

If tuition increases ~5% each year, that means that in 10 years, average tuition would be:

Accepted Answer

~$75,000

Question 17

Which of the following does NOT factor into your credit score?

Accepted Answer

amount in savings

Question 18

Most online banking will show you your patterns of spending.

Accepted Answer

True

Question 19

One should wait and pay off debt last minute.

Accepted Answer

False

Question 20

S&P stands for:

Accepted Answer

Standard & Poor

Question 21

The more you know about financial literacy the better- ie. reading O.M.G.!

Accepted Answer

True

Question 22

$10,000 in credit card debt with interest rate of .041%, the next day you will owe 10,004.10.

Accepted Answer

True

Question 23

This year, in-state public colleges average $24,610. Private colleges average $49,320.

Accepted Answer

True

Question 24

Contributing to a 401k lowers the amount you spend on current income taxes

Accepted Answer

True

Question 25

The later in life you start investing, the better.

Accepted Answer

False

Question 26

Compound interest means debt grows exponentially.

Accepted Answer

True

Question 27

Saving $1/ day from 18-68 and investing in exchange-traded funds with a 11.23 annual return:

Accepted Answer

$700,000

Question 28

What % of your income should you save?

Accepted Answer

15%

Question 29

Saving means reducing how much money one spends.

Accepted Answer

True

Financial Wellness

Questions 29

Financial Wellness

Questions 29