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WorksheetsReasons to Save
Total questions: 11
Worksheet time: 6mins
Name
Class
Date
1.
A teenager should have at least ______ in an emergency fund.
a)
$100
b)
$200
c)
$500
d)
6 months of expenses
2.
Emergency funds are meant to cover the financial cost of emergencies including all of the following except...
a)
unexpected medical bills.
b)
car accidents.
c)
job loss.
d)
the sudden desire to buy a new car.
3.
The first thing a person should save for is a(n)....
a)
Emergency Fund
b)
Save for large purchases
c)
To use a credit card.
d)
Building Wealth (Investing)
4.
An adult should have at least ____________ in an emergency fund.
a)
6 months of income
b)
$500
c)
6 months of expenses
d)
$12,000
5.
An adult should save at least _______ of net income.
a)
10-20%
b)
$500
c)
$12,000
d)
6 months
6.
What is the purpose of saving for large purchases?
a)
To satisfy all of your wants
b)
So that you can save for an emergency fund next.
c)
To avoid taking on debt and paying interest.
d)
To take on debt and pay interest.
7.
Saving is...
a)
paying out in buying or hiring goods or services.
b)
the portion of income not spent on current expenses.
c)
the portion of expenses not spent on current income.
d)
money that you keep.
8.
The reason to save that involves investing your money is...
a)
the emergency fund.
b)
saving for large purchases.
c)
building wealth.
d)
None of these.
9.
Which of the following is not a reason to save?
a)
Emergency Fund
b)
Building Debt
c)
Building Wealth
d)
Saving for Large Purchases
10.
If you have $1,000 in monthly expenses, how much should you have in an emergency fund?
a)
At least $1,000
b)
At least $2,000
c)
At least $6,000
d)
At least $10,000
11.
If you have $1,000 in net income each month, how much should you be saving each month?
a)
$10-$20 per month
b)
$50-$75 per month
c)
At least $100
d)
Less than $200
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