Understanding Baby Steps Financial Plan
Interactive Video
•
Mathematics
•
12th Grade
•
Medium
Alicia Arevalo
Used 1+ times
FREE Resource
4 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was the primary reason the "Baby Steps" financial plan was developed?
To encourage people to live on more than they make.
To simplify the order of financial principles for individuals.
To promote excessive spending and debt accumulation.
To discourage saving for emergencies.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the recommended first step in the "Baby Steps" financial plan, and what is the primary goal of the second step?
Paying off all debt; saving for retirement.
Saving $1,000 for a starter emergency fund; becoming debt-free (except the house).
Investing 15% of income; saving for children's college.
Paying off the house; giving generously.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of Baby Step 3 in the financial plan?
To pay off all remaining debts, including the mortgage.
To save for a child's college education.
To establish a fully funded emergency fund of 3-6 months of expenses.
To begin investing 15% of household income for retirement.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When investing for retirement in Baby Step 4, what is the recommended order of investment types?
Traditional IRA, then Roth IRA, then employer match.
Roth IRA, then employer match, then traditional IRA.
Employer match, then Roth IRA, then traditional IRA.
Traditional IRA, then employer match, then Roth IRA.
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