Description

This was a quiz in Forbes magazine a few years ago. Most people only get 2 correct…

1. As a general rule, how many months' expenses do financial planners recommend that you set aside in an emergency fund?

• a) 1 to 3 months
• b) 3 to 6 months 
• c) 6 to 12 months
• d) 12 to 15 months

Correct Answer: The correct answer is C, which is "6 to 12 months."

 2. If you have too many credit cards, what should you do?

• a) close as many as possible
• b) request a higher credit limit
• c) be cautious about closing credit cards
• d) close the cards with the lowest balances

Correct Answer: The correct answer is C, which is "be cautious about closing credit cards."

3. If a late payment is sent to a collections agency, how long will it remain on your credit history even if you have paid it off?

• a) less than a year
• b) 1 to 3 years
• c) 4 to 5 years
• d) 6 to 7 years

Correct Answer: The correct answer is D, which is "6 to 7 years."

4. What is the formula for calculating your net worth?

• a) assets minus liabilities
• b) liabilities minus assets
• c) assets plus liabilities
• d) assets divided by liabilities

Correct Answer: The correct answer is A, which is "assets minus liabilities."

5. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After one year, would your ability to buy something with the money in this account be:

• a) more than today
• b) less than today
• c) exactly the same
• d) don't know

Correct Answer: The correct answer is B, which is "less than today."

6. Which of the following about Federal student loans is NOT true?

• a) For certain federal loan programs, the interest on your loan is paid by the government while you are in school or during grace periods.
• b) Your parents must sign a promissory note before loan funds are distributed.
• c) Entrance loan counseling for all first-time borrowers is required.

Correct Answer: The correct answer is B, which is "your parents must sign a promissory note before loan funds are distributed."

So to compare yourself, here’s the percentage of people that got each question right.

1.     14% 2. 29% 3. 62% 4. 47% 5. 16% 6. 34%

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About Lifebuilder
The Lifebuilder Podcast helps ambitious entrepreneurs and leaders gain clarity, eliminate distractions, and achieve their goals faster. Each episode gives practical strategies for personal growth, productivity, and building a meaningful life. If you want clear direction, better focus, and proven frameworks to win at life and work, this show gives you the tools to get unstuck and move forward.