Financial Future

What is the term for the total value of money and assets owned by an individual, minus any debts?

• Income

• Wealth

• Expenses

• Loan

Which of the following best describes a "budget"?

• A plan for how to spend and save money

• A type of investment

• A loan from a bank

• A retirement account

What is a "down payment" most commonly associated with?

• The amount paid monthly for insurance

• The initial payment made when buying something on credit

• The interest earned on savings

• The total cost of a property

Which financial product is specifically designed to provide income after retirement?

• Emergency Fund

• Retirement Fund

• Savings Account

• Loan

What is the main purpose of an emergency fund?

• To pay for vacations

• To cover unexpected expenses

• To invest in stocks

• To pay property taxes

Which of the following is an example of a fixed expense?

• Groceries

• Mortgage payment

• Entertainment

• Clothing

Which account is best suited for keeping money safe and easily accessible for daily expenses?

• Savings Account

• Mutual Fund

• 401(k)

• Bond

A person invests in a mutual fund. What does this mean?

• They are buying a single company's stock

• They are pooling money with others to invest in a variety of assets

• They are opening a savings account

• They are taking out a loan

• $400

• $500

• $600

• $700

Suppose you are planning to buy a house worth $200,000. If the required down payment is 20%, how much money do you need for the down payment?

• $10,000

• $20,000

• $40,000

• $50,000