Free Printable Saving Review

Worksheets

Saving Review

Total questions: 20

Worksheet time: 10mins

Name

Class

Date

How is wealth defined?

How much money you have in your Checking and Saving accounts

Debts - Assets

All assets, including money in the bank + retirment

Assets - Debts

Which is NOT a typical goal for a savings account?

To create an emergency fund

To pay for higher education

To save for a new car

To buy groceries for this week

Which of the following is FALSE about saving and investing? (hint: choose 2 correct answers)

Saving doesn't outpace inflation; investing usually does

Both saving and investing generally have low returns

Saving is for short-term; investing is for the long-term

Saving has more risk; investing has less risk

What is 50/30/20 budget rule stands for?

50% on needs, 30% on wants and 20% on savings

50% on wants, 30% on savings and 20% on needs

50% on savings, 30% on needs and 20% on wants

50% on wants, 30% on needs and 20% on savings

What is a general rule of thumb on how much you should save?

5% of your income

10% of your income

20% of your income

30% of your income

About how much should you save in an emergency fund?

1-3 months of living expenses

3-6 months of living expenses

6-9 months of living expenses

9-12 months of living expenses

What is a good strategy to help you save?

1st, spend money on all expenses; put the rest into saving

Tap into your savings on a regular basis to purchase small items, like snacks

Pay yourself first - set aside money for savings each month

Keep your spending and saving money together in 1 account

What is a reason for why so many Americans live paycheck-to-paycheck?

Many people are paying themselves first and then spending

Many people only buy what they NEED, not what they WANT

Many people impulse shop

Many people spend within their budget

Assuming a rate of growth of 8%, in how many years will your $ double?

3 years

6 years

9 years

12 years

10.

How does inflation impact the money in your savings account?

Inflation decreases only the $ you earn in interest

Inflation increases the value of the money in your account

Inflation has no impact on $ in your savings account.

The purchasing power of your money decreases over time

11.

A quick way to estimate the amount of time it will take for your money to double when placed in a savings account at a given interest rate. 72 divided by interest rate.

Rule of 27

Rule of Doubles

20/10 Rule

Rule of 72

12.

If you are using a 50-30-20 budget, and you have a lot of debt, what could happen to your savings plans

Nothing, you can still save a lot of money

It will go up

You will not be able to save as much

If you owe money, you don't need to save

13.

The dark orange in the pie chart represents what type of spending for a 50-30-20 budget?

Needs

Wants

Debt

Saving

14.

Putting money aside for a trip/vacation this summer

Saving

Investing

15.

Putting Money aside for a car...

Saving

Investing

16.

Saving money now can help you with which of the following?

Prepare for unexpected emergencies

Prepare for retirement

Reach financial security

All of these answers are correct.

17.

Contributing 4% of your paycheck to a 401(k) plan offered through your job

Saving

Investing

18.

Buying shares of stock in your favorite shoe company

Saving

Investing

19.

What does it mean to set up an “automatic deposit”?

You can set up your paycheck to be automatically delivered to your mailing address in an envelope in cash.

A copy of your paycheck gets automatically sent to the IRS so that you do not need to file taxes for that year.

You set up an amount of your paycheck to be deposited into an account automatically.

Your bills are automatically paid for by the bank.

20.

Most Americans have an emergency fund and money saved for retirement

True

False

Reset

Saving Review

Total questions: 20

Worksheet time: 10mins

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