Money School - Money Quiz

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Money School helps young adults (16-34) save and invest their money wisely.

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When it comes to money management abilities, the satisfaction of being good often prevents us from striving to be great. At money school, we want you to become great at managing your money and wealth!

This 10-question quiz is designed to help you evaluate your money management abilities. For each money related situation below, select the one answer that best describes how you have reacted in the past or would react in the future.

When you get to the end, press the Tally button, and you will be well on your way to figuring out how you can go from being good with money to becoming great with it!

Being wealthy does not mean you are a good saver.

1. Which phrase best describes your financial philosophy?

A. "Shop 'til you drop."
B. "Eat, drink, and be merry, for tomorrow we could die."
C. "A dollar saved is a dollar earned."

2. How do you generally pay for your vacation?

A. I charge it to a credit card and worry about paying it later.
B. I shop the travel brokers searching for the best deal.
C. I budget for it each month and collect Air Miles, so I can afford a

great vacation without spending a fortune.

3. What is the highest interest rate you normally pay on a credit card?

A. 14–21%.
B. 6–13%.
C. 0%, because I make all my purchases in cash or pay my credit card in full before it is due. Secured credit cards are an excellent way to establish credit.

Secured credit cards are an excellent way to establish credit.

4. When your credit card bills come in each month, you usually…?

A. Are surprised and have to borrow from one card to pay the other.
B. Can't believe how much you spent.
C. Pay the bill in full.

5. When buying insurance, you…?

A. Pick the agency that advertises the cheapest rates.
B. Go to an established agency that is near your home or is

represented by someone you know.

C. Research agencies and compare prices for the best deal without

compromising service quality.

6. When buying a car, you…?

A. Pay sticker price and take whatever add-ons the salesperson

suggests.

B. Haggle a little, but give in if it comes to a confrontation.
C. Do your homework and are prepared to walk out if the dealer can't meet your price. Being good at saving money is different from being good at investing money.

Being good at saving money is different from being good at investing money.

7. When buying a home, you…?

A. Purchase more home than I can afford.
B. Get a mortgage that's about 50 percent of my income and

stretch payments out over the longest term possible.

C. Get a mortgage that's about 25 percent of my income and try to

pay it off in 15 years.

8. How much do you typically save each payday?

A. None. I live paycheck to paycheck.
B. I count on my home equity and/or company savings plan for my

saving contributions.

C. I put 10 percent into savings, plus invest in my home or company

savings plan.

9. What do you do when you get a pay raise?

A. Splurge on a purchase I have been dying to make.
B. Pay some bills and treat the family to a fancy dinner out.
C. Invest the extra money or put it into a family emergency fund each month.

10. What best describes you when it's time to square up with the tax man?

A. I hope to get a refund and am surprised if I owe tax money.
B. I have a good idea how much I will pay or be refunded before filing.
C. I am prepared to pay the tax man what I owe and pay it during the final week of the filing

deadline.

Your Quiz Results

Your answers to this quiz include:

5 A's

4 B's

1 C

If your answers are mostly A's, then our Wealth Building Fundamentals workshop is designed for you.

If your answers are mostly B's, then you are like most people—making ends meet but wanting something better. Our Debt Management workshop is for you.

If your answers are mostly C's, then you are making cents. Our Wealth Creation and Management workshop will help you stay at the top of your game.

MONEY EDUCATION - An information resource for Value Investing, Wealth Creation, and Financial Protection