Building an Emergency Fund Questions

Building an Emergency Fund Questions

12th Grade

10 Qs

quiz-placeholder

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Building an Emergency Fund Questions

Building an Emergency Fund Questions

Assessment

Quiz

Financial Education

12th Grade

Practice Problem

Easy

Created by

Joseph Marzo

Used 112+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 15 pts

What is an emergency fund?

A cash reserve for unplanned expenses or financial emergencies

A retirement savings account

A fund for daily expenses

A fund for planned vacations

2.

MULTIPLE CHOICE QUESTION

3 mins • 15 pts

Why do you need an emergency fund?

To pay for luxury items

To protect against financial shocks and avoid debt

To invest in stocks

To cover planned expenses

3.

MULTIPLE CHOICE QUESTION

3 mins • 15 pts

What is one strategy to build an emergency fund?

Spend all your income

Borrow money from friends

Invest in high-risk stocks

Create a savings habit

4.

MULTIPLE CHOICE QUESTION

3 mins • 15 pts

What is a key principle to creating a savings habit?

Set a goal

Spend more than you earn

Ignore your savings

Only save when you feel like it

5.

MULTIPLE CHOICE QUESTION

3 mins • 15 pts

How can you manage your cash flow to save money?

Track your income and expenses

Ignore your bills

Spend all your money immediately

Only save during holidays

6.

MULTIPLE CHOICE QUESTION

3 mins • 15 pts

What is one way to make saving automatic?

Spend all your money first

Set up recurring transfers through your bank

Manually transfer money every day

Ignore your savings account

7.

MULTIPLE CHOICE QUESTION

3 mins • 15 pts

Where should you keep your emergency fund?

In a friend's account

Under your mattress

In a high-risk investment

In a bank or credit union account

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