Financial Literacy Quiz Part 2

What percentage of a home value is traditionally saved for a down payment?

• 30%

• 10%

• 20%

• 5%

What is the recommended savings percentage of your income to retire comfortably?

• 25-40%

• 10%

• 15%

• 50%

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

• Three months

• Twelve months

• Six months

• One month

What is the concept of 'tactical budgeting'?

• Only saving, no spending

• Budgeting weekly

• Tracking every penny

• Budgeting for long periods

What advantage do young people have in terms of financial growth?

• Better education

• Fewer expenses

• Time

• More income

What happens if you choose a penny that doubles every day over $3000?

• It remains one penny

• It decreases in value

• It's worth $10 million after 30 days

• It's worth $3000

Why is it important to have a good credit score?

• It increases your salary

• It decreases your tax

• Only needed for buying luxury items

• Easier to get loans and make large purchases

What type of insurance policy is recommended if someone depends on you financially?

• Car insurance

• Health insurance

• Whole life insurance

• Term life insurance

What should you know about taxes before receiving your first paycheck?

• Only the tax percentage

• How to avoid taxes

• How to calculate the tax rate

• How to spend after-tax income

What can a lack of medical insurance lead to financially?

• Borrowing money for medical bills

• Higher credit score

• Lower taxes

• Increased wealth