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 m

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Stephen wrote What Do You Want? Choose For Yourself Or Someone Else Will to inspire ambitious people to get clarity on their personal and professional lives and then make it happen.

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Website: lifebuilder.co | LinkedIn: [linkedin.com/in/stephencourson] | YouTube: [youtube.com/@stephencourson] 

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 g...