Quizzes

1. High yield savings accounts tend to offer significantly higher interest rates than traditional savings accounts. How much higher are rates typically?
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2. You have a joint account with your spouse. You also have an individual account at the same bank, but your spouse does not. How much insurance do you have as a couple?
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3. How high must your FICO credit score be for you to qualify for the best interest rates?
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4. Your bank just notified you that your 12-month Certificate of Deposit (CD) is maturing. What factors are important to consider before you decide to let it automatically renew?
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5. Which savings strategy will get you to $1 million in the bank by age 65, assuming 8% annualized returns?
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6. It’s a fact: 60% of today’s households face a financial emergency each year, but 40% say they don’t have enough savings to cover a $400 unexpected expense. How much money should you aim to set aside in an emergency fund to handle unanticipated expenses?
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7. Which statement about fixed vs. variable interest loans is false?
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8. Are contributions to a traditional 401(k) plan deducted from your salary before or after taxes?
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9. What types of things could make it necessary to revise your budget and monthly forecasts?
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10. True or false? There is no age limit for contributing to a Roth IRA, as long as you have earned income that doesn’t exceed the annual limit set by the IRS each year.
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1. What are the different ways you can contribute to your 401(k)?
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2. True or False: A Roth conversion lets you switch how your 401(k) savings are taxed going forward.
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3. A 401(k) plan is…
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4. What income sources can you use to fund your 401(k)?
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5. How often should you check in on your 401(k) investments?
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6. What’s the best thing about turning 50?
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7. Based on rules defined by the Internal Revenue Service at what age can you withdraw money from your retirement plan without a tax penalty?
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8. True or False: In most cases, people can combine a retirement plan from their previous employer with a retirement plan with their current employer.
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9. What does “vested” mean?
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10. True or False: The money I invest in a traditional retirement plan never reduces my taxable income.
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1. A matching contribution takes place when…
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2. Which of the following is true regarding 401(k) loans?
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3. Lebron James and Stephen Curry open a 401(k). What’s the minimum amount that the NBA must contribute to the plan each year?
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4. True or False: When you quit your job, your 401(k) automatically carries over to your next employer.
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5. You get a job with Beyoncé's company, Parkwood Entertainment, and are offered a 401(k) plan. You can enroll immediately if…
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6. The maximum amount you can contribute in 2020 to a 401(k) plan annually if you are under 50 is…
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7. Stacy's mom, who recently turned 45, decides to take out a 401(k) loan so that she can treat Stacy and her friends to the VIP experience with Taylor Swift. What happens if Stacy's mom can't repay the loan?
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8. Your waiting period – or the time between your hire date and when you can enroll in a 401(k) plan – ends when…
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9. At what age can you generally take distributions from your 401(k) without incurring a premature distribution penalty?
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10. It may make sense to borrow from your 401(k) if…
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