How well do you know everyday financial terms and best money practices? If you get at least 6 of these 9 simple questions right (and also save and invest with PiggyVest), then you can officially call yourself money smart.
What is a budget?
A plan for how to invest one’s money over a period of time
A plan for how to make more money over a period of time
A plan for how to spend one’s money over a period of time
Correct!
Wrong!
Which of these best describes inflation?
The increase in interest rates over time
The increase in the value of foreign currency over time
The increase in the price of goods and services over time
Correct!
Wrong!
Which of these is the best way to get out of a debt?
Negotiate an amount to pay off the debt every month
Take a loan to pay off the debt
Ignore the debt and hope it goes away
Correct!
Wrong!
What should you do with your personal financial information?
Share it with those you trust
Keep it private and secure
Post it under giveaway threads
Correct!
Wrong!
How should you manage investments?
Cash out quickly before it runs down
Put all your money in one well-performing stock
Spread your investment across different assets
Correct!
Wrong!
Which one of these is not a good reason to get a loan?
Vacation
Education
Business
Correct!
Wrong!
What is an emergency fund?
Money set aside for a luxury purchase
Money set aside for retirement
Money set aside for unexpected expenses
Correct!
Wrong!
Which formula best describes net income?
Gross Income - Taxes
Gross Income - Expenses
Gross Income + Dividends
Correct!
Wrong!
What is the 50/30/20 financial rule?
50% for wants, 30% for needs, and 20% for savings
50% for needs, 30% for wants, and 20% for savings
50% for savings, 30% for needs, and 20% for wants
Correct!
Wrong!
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QUIZ: How Money Smart Are You?
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