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WorksheetsFinancial Literacy
Total questions: 15
Worksheet time: 8mins
Which of the following is NOT one of the three basic reasons for saving money?
Emergency fund
Large purchases
To build wealth
To lend to friends
Which of these is NOT a key to saving money?
Your income
Focus
Making saving a habit and priority
Discipline
Money set aside and left alone for a "rainy day."
Emergency fund
Savings account
You should keep your emergency fund in the same account as your spending money.
True
False
Your income level greatly affects your saving habits.
True
False
The first thing you should save for is your retirement fund.
True
False
When you're older and out of school, you'll need to grow your emergency fund into a full 3 to 6 months' worth of expenses.
True
False
Why is having a fully funded emergency fund so important when it come to your financial well-being?
As long as you have a good-paying job, you really don't need an emergency fund.
The purpose of an emergency fund is to have money set aside for large purchases, like vacations
The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security.
Which of the following is a reason that people don't save money?
They lack discipline
They do not live on a budget
They lack focus
All of the above
When a person intentionally invests money in a place where it can earn more money over a length of time.
Sinking fund
Wealth building
You should save money for three basic reasons: emergency fund, purchases, and wealth building
True
False
Which of the following steps is the First thing to have a good financial mangament?
Get out of debt
Save a 3x (income) emergency fund
Build wealth and give
Pay cash for your car
Savings is about:
Contentment and earning more money
Contentment and emotion
Making more money and discipline
Pride and greed
What does it mean to have a negative savings rate?
Saving for something that is a want instead of a need
Spending more money than you make and acquiring debt
Having a fully funded emergency fund
Having no savings at all
Which of the following is NOT a reason your emergency fund should be kept in a separate savings account away from your spending money?
So that you do not get your spending and saving money confused
So that your emergency fund savings can earn a lot of interest
So that it is clear what money is only to be used for emergencies
So that it is not too easy to access
