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MM Chapter 1 And 2 MC Part 2
Test Description: MC 37-38
Instructions: Answer all questions to get your test result.
1) At your age, a fully funded emergency fund should be
A
$5000
B
$100
C
$1000
D
$500
2) Instead of borrowing money for purchases, you should set money aside in a ___ over time and pay with cash
A
emergency fund
B
money market
C
sinking fund
D
credit card
3) Using the sinking fund, how much do you have to save each money to buy a $4800 car one year from now?
A
$275
B
$500
C
$300
D
$400
4) The saving habits of Ben and Arthur mentioned in Ch 2 best illustrate which principle of saving?
A
both initial investment and length of time are important
B
rate of return matters
C
length of time money is invested matters
D
amount of initial investment is the key
5) Which of the following is not a reason your emergency fund should be kept in a separate account away from your spending money
A
so that it is clear what money is only to be used for emergencies
B
so that you do not get your spending and saving money confused
C
so that it is not too easy to access
D
so your emergency fund savings can earn a lot of interest
6) Which of the following is not one of the 3 basic reasons for saving money?
A
build wealth
B
purchases
C
emergency fund
D
vacations
7) Which of the following is a reason that people don't save money?
A
all of these
B
they lack focus
C
they do not live on a budget
D
they lack discipline
8) What does it mean to have a negative savings rate?
A
spending more money than you make and acquiring debt
B
having a fully funded emergency fund
C
having no savings at all
D
saving for something that is a want instead of a need
9) Using the sinking fund, how much do you have to save each month to buy a $2500 TV in 6 months?
A
$416.66
B
$250
C
$208.33
D
$100
10) How much money would your savings balance be after one year if you have $1000 earning 2% intrest
A
$1200
B
$1022
C
$1002
D
$1020
11) If your monthly expenses were $3,000, your fully funded emergency fund should be
A
$6000-$9000
B
$9000-$18000
C
$3000-$6000
D
$3000-$9000
*select an answer for all questions
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