WorksheetsBanking Bell ringer 7
Total questions: 7
Worksheet time: 4mins
Keon receives a $1,000 paycheck. According to the 50/30/20 rule, how much should he put aside for saving?
$100
$200
$500
$1,000
What is a major benefit of the Pay Yourself First strategy?
It helps you budget all of your income for the month
It encourages you to prioritize saving money
It is a good way to build credit
It generates additional income to cover essential expenses
How much money should you try to save in your emergency fund?
3-6 days worth of expenses
3-6 weeks worth of expenses
3-6 months worth of expenses
3-6 years worth of expenses
Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?
3 months
9 months
24 months
30 months
You are developing a savings plan and using short-, medium-, and long-term goals to motivate you. Which represents possible goals from short-term to long-term? Save for…
Retirement, a house down payment, college tuition
A new cell phone, college tuition, a house down payment
A new cell phone, dinner with friends this weekend, a new bike
Retirement, college tuition, a vacation
Fill in the blanks with the correct responses. If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.
needs, wants, savings
savings, needs, wants
needs, savings, wants
wants, needs, savings
Which represents the BEST time to start saving for your retirement?
As soon as you have your first full-time job
Right after you pay off your student loans
Once you are debt-free, including paying off all credit cards, auto loans, and your mortgage
At age 45, so you have exactly 20 years until retirement
