What do you know about money?
Just enough to pay the bills?
Nows a perfect time to reflect on your money knowledge and build your financial literacy.
And dont worry well start with some helpful resources so you could ace this test.
Then test your knowledge with our financial literacy quiz.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Having a solid grasp on money concepts can have a real impact on your households financial bottom line.
Here isour guide for teaching kids about money management.
Did you know?
Use theseclever tricks to get your kids excited about investing.
Be the Boss of Your Money
Stop letting money slip through your fingers.
Tell it what to do… with a budget.
A budget is your blueprint for how you want to use your hard-earned cash.
Heres astep-by-step guide to budgeting your money.
Money that earns compound interest will result in more savings than just stashing cash under a mattress.
Butwhat is compound interest and how does it work?
So how do you build up to a great credit score?
Thesefive factors are what matters when it comes to your credit.
Test Your Money Knowledge With Our Financial Literacy Quiz
1.
Children can learn about money management by:
A.
Using money jars for spending, saving and giving.
C. Comparing the prices of items in the toy aisle.
D. All of the above.
Which of the following is an example of a budgeting method?
C. The even-odd method.
D. The hexagon method.
Having a budget can help you with all of the following except:
A.
Paying bills on time.
C. Negotiating your salary.
D. Reaching your financial goals.
True or false:
Personal finance is a required course at 87% of high schools nationwide.
6. Credit scores range from:
A.
0 to 100
B.
300 to 850
C. 200 to 600
D. A to F
7.
When it comes to your credit score, this is the factor that matters most:
A.
How much credit you qualify for.
The number of credit cards you have.
C. Making your debt payments on time.
D. Having a diverse mix of credit accounts.
Compound interest is:
A.
What you get when you multiply the principal amount by the interest rate.
C. When your interest rate changes throughout the duration of the loan term.
D. Another term for simple interest.
This investment vehicle uses pre-tax dollars to grow your money:
A. Roth IRA
B.
401(k)
C. 407(b)
D. 529 plan
10.
A fractional share:
A.
Pays dividends 50% less often than whole shares.
Is only for minors who want to start investing.
C. Requires you to diversify the money you invest.
D. Makes it easy to invest small amounts of money.
Hopefully youre applying that financial knowhow in real life to build wealth.
JoinThe Penny Hoarder Communityto share your best money tips with others.
Youve got 4-7 correct answers:Youre growing your money knowledge.
venture to hone in on what stumps you the most.
Credit and investing can be tricky.
Nicole Dow is a senior writer at The Penny Hoarder.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?