Personal Finance Trivia Quiz (EPB Showcase)

One month’s worth of expenses

3 to 6 months' worth of living expenses

One year’s salary

Enough to pay off your mortgage

To cover unexpected expenses without going into debt

To invest in the stock market

To make a large purchase

To take advantage of sales

Save what’s left after spending

Pay yourself first by saving a portion of your income before spending

Save only if there’s extra at the end of the month

Use your savings to pay off credit card debt immediately

Putting all your money into one high-risk stock

Diversifying your investments across different asset types

Timing the market to buy low and sell high

Waiting until you have a large sum to invest

Pay only the minimum payment each month

Pay off the full balance every month to avoid interest

Use one credit card to pay off another

Open multiple credit cards to increase your credit limit

Ignore the loan until you have more money

Make minimum payments to keep it in good standing

Pay off the high-interest loan as quickly as possible

Take out another loan to cover the payments

Keeping track of every expense to ensure it aligns with your budget

Spending without keeping receipts to reduce stress

Estimating your expenses without writing them down

Adjusting your budget only at the end of the year

Only when you get a raise or a new job

Once a year

Monthly or whenever there’s a significant change in your finances

Never, once it's set it should stay the same

Start saving for retirement as early as possible

Wait until you're close to retirement age to start saving

Rely on Social Security for your retirement income

Only save if your employer offers a retirement plan

Contribute the minimum amount

Contribute up to the employer match at a minimum

Withdraw from the account whenever you need money

Wait until you have a large salary to start contributing

Spend more than you earn by using credit cards

Spend less than or equal to what you earn

Use loans to cover any spending gaps

Spend only on necessities and never on wants

You have an emergency fund

You are consistently adding to your savings

You regularly rely on credit cards to pay for basic expenses

You pay off your credit cards in full each month

Keep all receipts and records of deductible expenses throughout the year

Wait until tax season to gather all your documents

Pay taxes only on the income that isn’t taxed by your employer

Ignore deductions and rely on standard tax rates

You can avoid penalties for late filing

You reduce the risk of tax-related identity theft

You’ll receive your refund sooner

All of the above

Set vague goals, like “save more money”

Set specific, measurable goals, like “save $500 in 3 months”

Set long-term goals without considering short-term needs

Focus only on paying off debt and ignore savings

It helps you stay motivated and adjust if necessary

You can spend more money once you track your progress

It lets you know when to stop budgeting

Tracking is unnecessary once you’ve set a goal

Internet subscription

Rent or mortgage

Netflix subscription

Dining out

The amount of money you have in your savings account

A number representing your borrowing risk to lenders

The total of all your credit card balances

The amount of debt you owe

Payday loan

Credit card loan

Mortgage

Personal loan

Interest earned only on the initial investment

Interest calculated on both the principal and previously earned interest

Interest that decreases over time

Interest charged on credit cards

Higher tax returns

More time for compound interest to grow your money

Fewer investment options

Lower risk in the stock market

To fund public services like schools, roads, and emergency services

To lower inflation

To increase the national debt

To help individuals save money

10%

20%

30%

40%

Snowball method

Avalanche method

Consolidation method

Refinance method

Checking account

Savings account

Money market account

Certificate of Deposit (CD)

Savings accounts are for long-term saving, checking accounts are for everyd

Checking accounts have higher interest rates than savings accounts

Savings accounts can only be used to pay bills

Checking accounts can’t have ATM access

The smallest amount you can pay to avoid late fees

The amount required to pay off the balance in full

The interest charged for using the card

The total credit limit of the card

Annual Principal Rate

Annual Percentage Rate

Adjustable Payment Rate

Automatic Payment Rate

To help reduce your monthly bills

To protect against large financial losses due to accidents or illness

To provide extra income during retirement

To avoid paying taxes

Health insurance

Liability insurance

Collision insurance

Homeowner’s insurance

401(k)

Savings account

Credit card

Money market account

55

59½

62

65

A general increase in prices and fall in the purchasing value of money

A decrease in the value of your savings

A rise in interest rates

The amount of money printed by the government

Your money increases in value

Your money decreases in value

Your money remains the same

You avoid paying taxes

Subsidized loans don’t have to be paid back; unsubsidized loans do

Subsidized loans are based on financial need; unsubsidized loans are not

Unsubsidized loans have lower interest rates than subsidized loans

Subsidized loans must be repaid immediately after borrowing

As soon as you receive the loan

6 months after you graduate or drop below half-time enrollment

12 months after you graduate

Immediately after finishing your freshman year

Estimating how much you want to save

Listing all your income and expenses

Applying for a credit card

Setting aside money for entertainment

Only paying the minimum balance on credit cards

Tracking expenses to avoid overspending

Borrowing as much as possible from friends or family

Spending money on wants before needs