Fin Lit Quiz Review

Only ___ of US adults are financially literate.

• 30%

• 44%

• 57%

• none of the above

___ % of employees run out of money before their next paycheck.

• 10%

• 20%

• 30%

• 40%

What are some common mistakes that millionaires make that cause them to go broke that we could also do?  Name at least 5 different ideas here.

What is an example of an uncontrollable event that could affect your finances and how can you prepare ahead so its impact on you is less damaging?

What could help solve the Social Security and  Medicare system problem?

• increase age of retirement

• cut benefits

• rasie taxes

• all of the above

The reason the Social Security and Medicare system is running out is because

• Old people are living longer

• There are not enough workers putting money into the system

• The rising costs of health care

• all of these

Which of these options will you need to retire?

• Social Security

• Medicare

• Savings

• Investments

• Retirement Funds

If you invest the same amount of money into the following retirement options, which will give you the biggest income for retirement?

• IRA

• 401K

• Roth IRA

• Savings Account

• all of the above

Which retirement plan invests your untaxed money into a retirement investment?

• IRA

• 401K

• 403B

• Roth IRA

• Only A, B, C

Why do retirees need GAP Insurance?

• To help cover their decreasing Social Security benefits.

• To help cover their decreasing Medicare benefits.

• Both A & B

• none