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Quiz

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1. A financial goal should be:

Achievable in less than five years
Specific
Vague


2. If saving for a goal becomes too difficult, it is a good idea to:

Consider if you can extend the achievement date
Give up and start again
Ask relatives for money


3. Your file cabinet should contain such personal financial documents as:

Will and power of attorney
Deeds and titles for your home, car, and other real property
Recent account statements


4. Signing up for online statements is beneficial because it:

Alerts you if you become the victim of identity theft
Balances your accounts for you
Eliminates the risk of bills being lost in the mail or misplaced


5. To know where your money goes, it is a good idea to track your spending for at least:

One day
One week
One month


6. You can eliminate waste from a budget by:

Questioning whether each purchase is a want or a need
Increasing your income
Sacrificing necessary expenses


7. Which of the following is a rule all budgets should follow?:

You should never use credit cards
Your expenses should be less than your income
You should save 20% of your income


8. A budget should include:

A history of your past income
Periodic expenses
Necessary expenses only


9. Saving money:

Should only be done after repaying all debt
Can be jump-started by setting up an automatic transfer from your checking to your savings account
Only makes sense if you can set aside ten percent of your monthly net income


10. A recommended place to keep your emergency fund is a:

Savings account
Bond
Mutual fund

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