Finance Questions
Explore questions in the Finance category that you can ask Spark.E!
What is the Third Foundation?A. Create a monthly budget.B. Save for retirement.C. Pay cash for college.D. Pay cash for your car.
How often should you create a budget?A. DailyB. WeeklyC. MonthlyD. Biannually
What percent of Americans have less than $1,000 saved for an emergency fund?
The interest rate on a savings account determines ...A. How quickly your money will grow over timeB. How much money you need to have to open the accountC. How much you will pay the bank to manage the accountD. The amount of time your money will be in the account
TRUE OR FALSE: You should budget in this order: giving, savings, spending.
Why do stores rarely advertise the full price of big purchases like smartphones?A. By showing you only the monthly payment, they make the product seem affordable.B. Hiding the full price allows stores to change their pricing as the market fluctuates.C. They are trying to keep their prices competitive.D. They are trying to cheat you.
Once you're out of school, have started your career, and have zero debt, your emergency fund should have _________.
TRUE or FALSE:If people saved the equivalent of a car payment each month for a year or two (instead of spending it on payments and interest), they could have enough money to buy a car with cash for much cheaper!
Which of these would count as a legitimate reason to use your emergency fund?A. You have a fancy event coming up but you already spent all of your Clothing budget categoryB. You forgot to budget for your mom's birthday giftC. The smartphone you've wanted just went on saleD. Your car battery died
While saving money isn't easy at first, it will make your life a lot _______ in the future if you make it a habit now.
Although the majority of Americans think budgeting is important, about______ of Americans actually use a budget.
_______ is a millionaire's best friend.A. Profit sharingB. High returnsC. Compound growthD. Accrued interest
Which principle says that a certain amount of money today is worth more than the same amount in the future?
You'll have less freedom with your money if you... A. invest in the stock marketB. Are paying for things in your pastC. Put money in a bank accountD. Make less than $35,000
Why do some accounts, like savings accounts at your local bank, earn interest?A. Because you deposit money, adding to your principal each monthB. Because the bank pays you to use your moneyC. Because of inflationD. Because those accounts always have great interest rates
The best way to build wealth is to start investing early. You should start investing money . . .A. As soon as you have extra cashB. Once you have a fully funded emergency fundC. Once you're out of college, living debt-free, and have 3-6 months of living expenses savedD. When the stock market is performing really well
Don't get sucked into the __________ scam.A. Self-insuranceB. Whole life insuranceC. Term life insuranceD. Health care
With online banks, all of your deposits, transfers, and bill payments happen digitally, but....A. Online banks should never be trustedB. These banks do not offer interest on savings accountsC. It's often more difficult to get in touch with a real person when you need assistanceD. They do not provide a debit card
TRUE or FALSE: The primary reason people don't budget is because they lack the behavior to stick to a budget.
How many months does it usually take for your budget to start working as a budget should?