Money Wise Quiz

Question 1

What's the impact of inflation on my budget?

Inflation decreases the cost of goods.

Inflation does not affect a budget.

Inflation increases the cost of goods.

Question 2

What's the best way to budget as a couple?

Use a joint account for shared expenses and individual accounts for personal ones.

Keep all finances separate—what's mine stays mine, and what's theirs stays theirs.

Avoid discussing financial goals to prevent unnecessary stress and disagreements.

Question 3

Should I track cash spending separately?

Yes, because cash spending is not automatically tracked.

No, it doesn't matter.

Use only receipts for cash tracking.

Question 4

Should I prioritize short-term savings over retirement?

No, never focus on short-term savings.

Only if immediate needs are unmet.

Yes, always prioritize short-term savings.

Question 5

How do I calculate how much I need to save for a big purchase?

Save randomly without a plan.

Divide the total cost by the number of months until purchase.

Only save after the purchase.

Question 6

How can I save money without sacrificing my lifestyle?

Cut back on small, unnecessary expenses.

Avoid saving for large expenses.

Use credit cards to maintain spending habits.

Question 7

How long do late payments stay on your credit report?

1 year

7 years

3 years

Question 8

What is an Annual Percentage Rate (APR)?

The yearly cost of borrowing, including interest and fees.

The monthly payment amount.

The principal balance of a loan.

Question 9

What is revolving debt?

Debt with a credit limit that you can borrow against repeatedly, like a credit card.

Debt paid off in fixed installments.

A mortgage.

Question 10

What is cryptocurrency?

A digital asset secured by cryptography.

A government-issued digital currency.

A type of bond.

Question 11

What is rebalancing a portfolio?

Selling all investments at once.

Only buying more stocks.

Adjusting asset allocation to maintain desired risk levels.

Question 12

What is investing?

Saving all money in a bank account.

Allocating money to assets with the goal of growing wealth.

Spending money on non-essentials.

Question 13

What is the average retirement age in the United States?

50 years.

65 years.

75 years.

Question 14

Can Social Security alone cover retirement expenses?

Only for high-income earners.

No, it's designed to supplement other savings.

Yes, it's enough for everyone.

Question 15

How can delaying Social Security benefits increase your income?

Benefits grow by 8% per year after full retirement age until age 70.

Benefits double after age 70.

No effect beyond age 67.

15/15 Completed

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