Strategies to Save

Strategies to Save

10th Grade

6 Qs

quiz-placeholder

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Strategies to Save

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Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Easy

Created by

Deborah Sanchez

Used 11+ times

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6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which part of the 50/30/20 rule is dedicated to building an emergency fund and paying off debt?

50%

30%

20%

10%

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of the 529 Plan?

Saving for retirement

Funding higher education expenses

Buying a house

Investing in the stock market

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about a 401(k) plan?

It is a government-funded savings account

It allows employees to save for retirement with potential employer contributions

It can only be accessed at ago 70

It is only available to self employed individuals

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would be considered an emergency fund expense?

Buying a new phone

Paying rent after losing your job

Booking a vacation to Bali

Upgrading your leased car because it's a new year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following people is using the 50/30/20 rule correctly?

Jake spends 60% of income on rent and groceries, 30% on entertainment, and 10% on savings

Maria puts 20% of her paycheck into a savings account, spends 50% on needs, and 30% on wants

David saves 50% of his income, spends 30% on needs, and 20% on entertainment

Sarah spends all her money each month and plans to save later.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following strategies is the most effective way to grow your retirement savings over time?

Start saving early and contribute consistently to a 401(k) or similar account.

Only contribute to a saving account when you receive a bonus or gift.

Wait until you're older and earning more to start saving.

Rely on winning the lottery to fund your retirement.

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