Money Wise Quiz

a.)

Yes, to reflect changes in income or expenses.

b.)

No, budgets should stay the same.

c.)

Only adjust for large expenses like vacations.

a.)

List all income and expenses.

b.)

Use only cash for all purchases.

c.)

Ignore irregular expenses.

a.)

Stop saving and focus only on paying bills.

b.)

Ignore the emergency.

c.)

Rebuild savings gradually after addressing the emergency.

a.)

Use credit cards to maintain spending habits.

b.)

Cut back on small, unnecessary expenses.

c.)

Avoid saving for large expenses.

a.)

Debt used to invest in your future, like education or a mortgage.

b.)

Any debt with a low interest rate.

c.)

A credit card or personal loan.

a.)

A great way to get quick cash with low interest, perfect for covering a weekend getaway.

b.)

A high-interest, short-term loan typically repaid on the borrower's next payday.

c.)

A credit line.

a.)

A type of mutual fund.

b.)

A retirement savings plan sponsored by employers.

c.)

A government bond.

a.)

Only buying more stocks.

b.)

Adjusting asset allocation to maintain desired risk levels.

c.)

Selling all investments at once.

a.)

A health plan.

b.)

A mandatory retirement savings account.

c.)

A federal program providing income to retirees, disabled people, and survivors.

a.)

They're contributions made during periods of high inflation.

b.)

Ability for workers over 50 to contribute more towards retirement.

c.)

Allows employers to contribute more towards the retirement of older workers.