1. If you wanted to calculate how many weeks there are between today and a date ten years in the future, what type of calculation would you do?
Addition
Multiplication
Division
Subtraction
2. What’s the first step toward creating a savings plan?
Figuring out how much time you have to save
Deciding what type of savings instrument to use
Determine what you’re saving for
Calculating how much you can contribute regularly
3. Which is an example of a Savings Instrument?
Certificate of Deposit
Bonds
Treasury Bills
All of the above
4. If your savings goal requires a lump-sum payment, such as a down-payment on a home, what percentage of your savings goal will you need when it comes time to provide the down-payment?
90%
50%
100%
25%
5. Which of the following is NOT an example of a long-term savings goal?
Purchase of a Home
Paying college tuition
Taking a vacation
Retiring with sufficient savings
6. Before you start saving for long-term financial goals, what should you do first?
Take a vacation
Pay off high rate loans/credit cards
Find a higher paying job
Go back to school
7. Since inflation reduces the value of each dollar you spend – and inflation occurs every year – the amount of money you’ll need for your long-term goal:
Will be greater than if you reached your goal today.
Will be less than if you reached your goal today.
Will be equal to what you’d need if you reached your goal today.
Can’t possibly be saved.
8. A “rainy day fund” is considered:
a short-term financial goal
a long-term financial goal
a savings instrument
a savings plan
9. When you give your savings to a bank, what do you get in return?
Debits
Investments
Interest
Debt Credits
10. When saving for retirement, what should be considered?
What you expect inflation to do between now and then.
If you expect to continue working when you retire.
All of the above|||1. Multiplication
2. Determine what you’re saving for
3. All of the above
4. 25%
5. Taking a vacation
6. Find a higher paying job
7. Will be greater than if you reached your goal today
8. a short-term financial goal
9. Interest
10.All of the above
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