PPC Financial Pop-Up Quiz

How much money should you save for emergencies?

• 2 months worth of expenses

• 6 months worth of expenses

• Cash in whatever stocks you have to pay for an emergency

• 1 year

What is the highest credit score you can achieve?

• 800

• 1000

•  

  850

• 900

According to a rule of thumb, rent shouldn't take up more than ___ % of your take-home pay.

• 7-12%

• 10-15%

• 15-20%

• 25-30%

How can consolidating your student loans help your budget? (hint: choose 2 correct answers)

• You can manage your money more easily since you're making just one payment

• You'll pay more in interest over time

• Your monthly payment may decrease

• Your interest rate is guaranteed to decrease

Which of the following is an example of buying something you NEED?

• "I want to impress someone/ change how they feel about me."

• "I'm feeling down, and I need to boost my spirits."

• "I want to replace something that is no longer working."

• "I don't want to miss out on these deals during the sale!"

Where do banks get the money to lend out to consumers?

• From their clients' savings accounts

• From their clients' credit card accounts

• From the Federal government

• From their own money vaults

How do you avoid paying interest on your credit card (or any other loan for that matter)?

• Always make the minimum payment over time

• Pay interest 1st, then pay what you can on leftover balance

• Always make the full payment on time

• Pay the principal 1st, then pay what you can on interest

True or False: A cosigner's credit history can be affected by the loan they are cosigned on.

• True

• False

A list of all debts organized from smallest to largest balance, where minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments. What is this principle called?

• Debt Consolidation

• Depreciation

• Finance Charge

• Debt Snowball

When you pay cash rather than swiping a credit card, you spend _______________.

• 12-18% more

• 12-18% less

• 7-11% less

• 6-9% more