What does it mean to "pay yourself first"?

Deposit money into your savings account before spending on anything else.

Purchase an item you want before something you need.

Pay all of your mandatory expenses before paying for optional expenses.

Obtain an additional job to supplement your income.

How do you distribute your money when using the 50-20-30 rule?

50% should be used for fixed/essential expenses, 20% for savings, and 30% for flexible expenses.

50% should be for savings, 20% for flexible expenses, and 30% for fixed/essential expenses

50% should be for rent, 20% for groceries, and 30% for entertainment

50% should be for gasoline and car maintenance, 20% for rent, and 30% for flexible expenses.

How is compound interest different from simple interest?

Simple interest is when interest is paid on the principal amount only. Compound interest is when interest is paid on the principal amount and on the interest already earned.

Compound interest is when interest is paid on the principal amount only. Simple interest is when interest is paid on the principal amount and on the interest already earned.

The money earned from simple interest can only be accessed after 1 year, while you can access the money earned from compound interest at any time.

The money earned from compound interest is placed into a separate account, while the money earned from simple interest stays within the same account.

What does it mean to set up an “automatic deposit”?

You set up an amount of your paycheck to be deposited into an account automatically.

You can set up your paycheck to be automatically delivered to your mailing address in an envelope in cash.

A copy of your paycheck gets automatically sent to the IRS so that you do not need to file taxes for that year.

Your bills are automatically paid for by the bank.

Saving or Investing + 3.3 Strategies to Save

Authored by Marcia Roberts

Life Skills

9th - 12th Grade

14 Questions

Used 9+ times

Saving or Investing + 3.3 Strategies to Save

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

Best for short term goals

saving

investing

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Best for long term goals

Saving

Investing

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Return on _____ often falls short of the pace of inflation

Saving

Investing

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Return on _____, while riskier, often exceeds or is greater than the pace of inflation

Saving

Investing

MULTIPLE CHOICE QUESTION

1 min • 1 pt

_____ is for emergencies & goals

Saving

Investing

MULTIPLE CHOICE QUESTION

1 min • 1 pt

_____ is for long-term wealth

Saving

Investing

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Putting $50 per paycheck into an account to help pay for a new cellphone

Saving

Investing

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Saving or Investing + 3.3 Strategies to Save

Best for short term goals

Best for long term goals

Return on _____ often falls short of the pace of inflation

Return on _____, while riskier, often exceeds or is greater than the pace of inflation

_____ is for emergencies & goals

_____ is for long-term wealth

Putting $50 per paycheck into an account to help pay for a new cellphone

Contributing 4% of your paycheck to a 401(k) plan offered through your job

Buying shares of stock in your favorite shoe company

Depositing your annual income tax return and bonus checks into an account until you have enough to buy a car

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