Saving Money Quiz

What is the recommended percentage of income to be devoted to savings?

• 30%

• 10%

• 40%

• 20%

Which type of account allows your education savings to grow over time?

• 401(k)

• 529 account

• Piggy bank fund

• Savings account

What is the purpose of a piggy bank fund?

• Saving for emergencies

• Saving for retirement

• Saving for higher education

• Saving for vacations

What is the main advantage of maxing out the employer match in a 401(k)?

• Tax exemption on contributions

• Higher returns on investment

• Early access to funds

• Increased retirement income

What is the trade-off when choosing between buying a fancy coffee every day or saving the money?

• Immediate gratification vs future financial security

• Taste vs health benefits

• Quality vs quantity

• Convenience vs time

What is the purpose of a 529 account?

• Saving for retirement

• Saving for emergencies

• Saving for higher education

• Saving for vacations

What is the best time to start saving for retirement?

• In your 50s

• In your 40s

• In your 30s

• In your 20s

What is the purpose of a retirement account?

• Saving for retirement

• Saving for emergencies

• Saving for higher education

• Saving for vacations