Personal Finance Trivia

What is the difference between a checking account and a savings account?

• A checking account lets you review your balance several times a day, and a savings account doesn’t.
• A checking account comes with a free box of checks, and a savings account makes you pay for them.
• A checking account doesn’t accrue interest, but a savings account does.
• A checking account lets you easily access your money for daily transactions; a savings account is meant to help grow your money over time.

Which of the following does not make up your basic financial security?

• Saving for retirement
• Paying off debt
• Saving for your kid's college education
• Starting an emergency fund

3.In which decade should you be saving for retirement?

• 20s
• 30s
• 40's
• all ages

How much should you aim to have in your emergency savings account?

• $1000
• One month’s worth of rent or your mortgage
• Three to nine months of take-home pay
• $10,000

If you have several types of debt—credit cards, federal student loans, private student loans, a car loan, a payday loan—in what order should you generally aim to pay them off?

• Smallest to largest debt
• Largest to smallest debt
• Highest interest rate to lowest interest rate
• Lowest interest rate to highest interest rate

On your taxes, what is the difference between itemizing your deductions and taking a standard deduction?

• Itemizing means you get an accountant. Taking a standard deduction means you do your taxes yourself.
• Itemizing means you list out and tally up all of the tax deductions you’re taking. Taking the standard deduction means you’re deducting one amount, as set by the I.R.S.
• Itemizing means you declare the value of your personal property. Taking a standard deduction means you don’t list any assets of value.
• Itemizing is what you have to do if you don’t pass an I.R.S. audit. Taking the standard deduction means you passed an audit with flying colors.

Who is the least likely to need life insurance?

• Single, childless, with no debt
• Married with children
• Single, childless, with debt
• Married, no children

About how much of your credit limit should you use?

• 30 percent
• 40 percent
• 50 percent
• 100 percent

When was the minimum wage established?

• 1938
• 1928
• 1950
• 1960

How much was the first minimum wage?

• .10
• .25
• .50
• 1.00