
Emergency Fund Flashcard
Flashcard
•
Financial Education
•
12th Grade
•
Practice Problem
•
Hard
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29 questions
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1.
FLASHCARD QUESTION
Front
What is the primary purpose of an emergency fund according to the text?
Back
To cover unforeseen circumstances
2.
FLASHCARD QUESTION
Front
How should an emergency fund be built, as suggested in the text?
Back
By consciously adding more money
3.
FLASHCARD QUESTION
Front
Which of the following is NOT mentioned as a potential use for an emergency fund? Car troubles, Losing a job, Rapid decline in the financial market
Back
Buying a new house
4.
FLASHCARD QUESTION
Front
What was the average loan rejection rate before the COVID-19 pandemic?
Back
14.2%.
5.
FLASHCARD QUESTION
Front
By October 2020, what did the loan rejection rate increase to during the pandemic?
Back
18%.
6.
FLASHCARD QUESTION
Front
What credit score was considered good but still denied credit during the pandemic? Options: 600, 650, 680, 700
Back
680
7.
FLASHCARD QUESTION
Front
What is the recommended duration for an emergency fund to cover basic living expenses?
Back
3-6 months
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