Personal Finance Quiz

What is the first tip for getting control of your spending habits?

• Make a budget

• Keep track of your spending

• Give yourself a limit on unbudgeted spending

• Read books about finance

What is the benefit of creating a budget?

• It's not worth it

• It's only for paperwork

• It's a lot of work

• It helps in managing finances

According to the 1% rule for spending money, how long should you wait before making a purchase of over $600 if you make $60,000 a year?

• 1 week

• 1 month

• 1 day

• 1 hour

What is the advantage of saving for a big purchase instead of using a credit card?

• No need to save

• Higher interest rates

• Better financing conditions

• No advantage

What is the chief advantage of financial literacy?

• Higher credit score

• Better spending habits

• Ability to manage finances

• No advantage

What is one way to lower your monthly bill?

• Shop for groceries at bulk discounts

• Accept any loan offered

• Ignore fixed costs

• Increase energy usage

What is the benefit of eating at home instead of dining out?

• No benefit

• Saves money

• More expensive

• No time to cook

What is the top priority for improving your financial situation?

• Paying off debt

• Saving for big purchases

• Continuing to spend quickly

• Using credit cards

What is the downside of using credit cards as a crutch to get by?

• Low interest rates

• No financial problems

• No downside

• Accumulating more debt

What is the purpose of a 'spending fast' in personal finances?

• To increase spending

• To decrease savings

• To restrict discretionary purchases

• To encourage impulsive buying