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Chapter 3 Lesson 3 Saving for Emergencies

Authored by Steve Wills

Business

9th - 12th Grade

Chapter 3 Lesson 3 Saving for Emergencies
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you want to save your first $500 for an emergency fund, which strategy would be most effective?

Cutting back on unnecessary expenses
Investing in high-risk stocks
Using credit cards for purchases
Waiting for a salary increase

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of an emergency fund?

To invest in stocks and bonds
To cover unexpected expenses without going into debt
To save for a vacation
To pay off student loans

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a common misconception about saving for emergencies?

Everyone should have an emergency fund.
Financial emergencies only happen to others.
Emergency funds should be large.
It's easy to save for emergencies.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a potential consequence of not having cash for emergencies?

You will save more money.
You will always be prepared for any situation.
You will have more financial freedom.
You may have to rely on credit and incur debt.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can unexpected events like the COVID-19 pandemic impact personal finances?

They can lead to increased savings.
They have no effect on personal finances.
They only affect businesses, not individuals.
They can cause job loss and financial instability.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to keep your emergency fund in a separate savings account?

To avoid spending it on regular expenses
To earn higher interest rates
To qualify for bank promotions
To make it easier to access for investments

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much should you aim to save in your emergency fund once you have zero debt?

Only what you can spare each month
One month's living expenses
Three to six months of living expenses
Your entire salary

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