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Money Saving Quiz

Authored by Louis Miller

Financial Education

11th Grade

Used 1+ times

Money Saving Quiz
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the document, what is a surprising way to save money?

Use old money because it's less appealing to spend

Use mew money because research shows people won't spend money that looks nice

Spend larger bills to save more effectively

Carry only credit cards to avoid spending cash

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step recommended in the section "How to start saving"?

Open a savings account with high interest

Start investing in stocks

Start now

Calculate your monthly expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you do to maintain the basics of saving according to the document?

Invest in real estate

Open a no fee checking account and savings account at the same institution

Buy insurance for all your assets

Set up multiple savings accounts for different purposes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many months of fixed expenses should your emergency fund cover at a minimum?

3-6 months

1-2 months

6-12 months

12-24 months

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the emergency fund ratio formula mentioned in the document?

Total liquid assets divided by total monthly expenses

Total liquid assets multiplied by fixed monthly expenses

Total fixed assets divided by fixed monthly expenses

Total liquid assets divided by fixed monthly expenses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a savings strategy mentioned in the document?

Use the same bank for all financial transactions

Use physical institutions to get a higher savings interest

Use online institutions to get a higher savings interest and link to local online bank

Keep all savings in cash to avoid easy access

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the document suggest you should do with your paycheck to help with saving money?

Invest a portion of your paycheck in stocks

Have a portion of your paycheck direct deposited into savings accounts

Convert a portion of your paycheck into foreign currency

Use the entire paycheck to pay off debts immediately

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