Worksheets2.1 - Saving Basics
Total questions: 9
Worksheet time: 7mins
All of the following are benefits of saving, EXCEPT...
Having money in a savings account enables you to prepare for large purchases
Having money in a savings account offsets the impact of changes in income
Having money in a savings account cushions you when faced with unexpected expenses
Having money in a savings account is more accessible than in a checking account
As a rule of thumb, how much do experts recommend you save in an emergency fund?
1 month of expenses
3-6 months of expenses
6-8 months of expense
1 year of expenses
Lucas has $300 in his savings account and starts saving $75 per month. He wants to meet his savings goal of $3000. How long will it take him to reach his goal?
4 months
10 months
36 months
40 months
How do you calculate weatlh?
Assests - Debt
Debt - Assests
Assests + Savings
Savings - Debt
How much of your paycheck should you save according to experts?
5%
20%
45%
80%
Which of the following statements is TRUE?
The majority of Americans have an adequate emergency fund and sufficient amounts of money saved for retirement.
The majority of Americans do not have an adequate emergency fund or sufficient amounts of money saved for retirement.
The majority of Americans have an adequate emergency fund but notsufficient amounts of money saved for retirement.
The majority of Americans do not have an adequate emergency fund but do have sufficient amounts of money saved for retirement.
Buying company stock and selling it for profit is an example of....
Savings
Investing
Spending
Balancing
Is delayed gratification important for savings?
YES
NO
Only for emergency funds
Which is NOT a tip to save money?
Creat 4 Banks
Make Savings Goals
Save first, then spend
Spend money on items wherever they are available
