Finacial Literacy Quiz

How much will the typical married couple retiring at age 65 spend on out-of-pocket costs for health care throughout retirement (in today’s dollars)?

• $50,000

• $100,000

• $157,000

• $266,000

2. If you purchase a bond and interest rates rise, what will happen to the price of the bond?

• Rise

• Stay the same

• Fall

A typical 65-year-old man can expect to live, on average, for how many more years?

• About 10 more years

• About 20 more years

• About 25 more years

• About 30 more years

What is the average annual rate of inflation for college tuition around the country?

• 2 percent

• 5 percent

• 8 percent

• 11 percent

Why should you donate your money?

• Because there is always someone less fortunate than you.

• Because you don't need all your money.

• To get the tax break.

• So your parents will be proud of you.

A ___________ is a plan for how you will spend your money.

• paycheck

• cash journal

• credit card

• budget

Which of the following is a true statement about credit cards?

• You should never get a credit card.

• If you get a credit card, you can go into debt.

• You should get a credit card and use it to build good credit.

• The credit card companies do not charge you for borrowing from the card.

If you make $40,000 per year, Uncle Sam is going to take how much from you for taxes?

• $1,000 (2.5%)

• $20,000 (50%)

• $10,000 (25%)

• $200 (5%)

You won't be able to move out if you have...

• student loans

• no roommate

• bad credit

• No credit

When you rent an apartment or house you have to sign a lease. Which of the following is NOT true with a lease?

• It is a legal document.

• You are agreeing to pay rent every month on time for the length of the lease.

• If you have a roommate move in later, they don't need to sign the lease.

• You are agreeing to take care of the place you are renting.