8c Emergency Fund Quiz

What is the recommended amount for a fully-funded emergency fund?

• 9-12 months of expenses

• 6-9 months of expenses

• 1-2 months of expenses

• 3-6 months of expenses

What is the average current credit card interest rate?

• 15.75%

• 22.9%

• 12.5%

• 19.24%

What is the purpose of setting money for emergencies apart from other savings?

• To avoid spending it on non-essential expenses

• To keep track of how much money is saved

• To have a special home for the money

• To sabotage financial goals

What is the first tip for starting an emergency fund?

• Get a second job

• Invest in stocks

• Pick a specific number

• Save as much as possible

What is the second tip for starting an emergency fund?

• Spend on non-essential expenses

• Set a deadline for saving

• Get organized

• Hustle for extra income

What is the third tip for starting an emergency fund?

• Invest in luxury items

• Sprint towards the goal

• Take a break from saving

• Spend on non-essential expenses

What is the potential cost of financing a vital repair with the average current credit card interest rate?

• $500 extra

• $1,000 extra

• $2,000 extra

• $1,500 extra

What is the purpose of having an emergency fund?

• To build wealth

• To live above your means

• To have financial flexibility

• To spend on non-essential items

What is the potential impact of not having an emergency fund?

• Increased spending on luxury items

• Access to credit for non-essential expenses

• Stressful and humiliating situations

• Improved financial health