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Personal Finance Educational Assessment Challenge - 10 Questions

Do you have questions about Personal Finance?

How to pay off Debt

How to Plan for Retirement

What is a good return on Stocks

Can you Retire Early?

As the old saying goes, What you don't know will hurt you financially.

Do you know the answers to all 10 Challenge Questions?

Take the Personal Finance Educational Assessment NOW.

 

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Question 1 of 10

What is compound interest?

A

Interest that is earned one time.

B

Year 1 $100 x 10% = $10 Year 2 $100 x 10% = $10

C

Year 1 $100 x 10% = $10 Year 2 $110 x 10% = $121

Question 2 of 10

If I invest $10,000 in the S&P 500, It will be worth about $40,000 in 

A

20 years.

B

16 years.

C

30 years.

Question 3 of 10

If I invest $10,000 in a 3% bond, it will grow to $40,000 in how many years?

A

48 years.

B

10 years.

C

20 years.

Question 4 of 10

If I were to lose my job today, I would be able to keep my $50,000 life insurance.

A

Most likely Yes.

B

Most likely, No, or it will cost more money to keep the policy.

Question 5 of 10

The average cost of a 20-year term, $500,000 life insurance for a young adult is?

A

$300 a month.

B

$600 a month.

C

$30 a month.

Question 6 of 10

Personal Finance is only available for people with $500,000 or more in savings.

A

False.

B

True

Question 7 of 10

If you make the minimum payment on a 24% credit card, in how many years will you pay it off?

A

5 years.

B

14 years.

C

7 years.

Question 8 of 10

Based upon the safe withdrawal rate, If I have $500,000 saved at retirement, I can safely withdraw X amount of money for 30 years.

A

$5,000 each year.

B

$105,000 a year.

C

$22,500 a year.

Question 9 of 10

A person who invests $200 a month from age 25 to 35 will have more money than a person who invests $200 monthly from age 35 to 65.

A

True

B

False.

Question 10 of 10

Amazon, Google, Tesla, and Facebook are a part of the S&P 500.

A

False

B

True.

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