Quiz #2- Do You Know What You Don’t Know About Saving & Investing?
And, the sooner you start, the faster you’ll get to “financial freedom”! Even small amounts saved and invested can make a big difference to your wealth over time.
Here’s the second quiz in my series Tackling Personal Finance- Do You Know What You Don’t Know?
Same as last week, the intention here is to test your knowledge on the basics (not the obscure). This is stuff you need to know to achieve financial security and independence.
Knowledge IS power! Give the quiz a try and see how you do…
PS- Last week’s quiz results were very encouraging…
The average score was 86% with several people scoring 100%! Questions most frequently answered wrong were;
#1. Being in debt does not hurt your credit score as long as you pay your bills on time (False)
#3. Three factors that have the greatest impact on your credit score are your payment history, if you’ve ever declared bankruptcy & how much money you owe (True)
#5. Negative information that may affect your credit score can stay on your credit report for up to 7 years (True)
#10. When deciding on whether to pay down debt or invest, consider interest rates on debt & investments, income tax consequences, job security, employer incentives & personal preferences (True)
Photo courtesy of lightbulbfinancial.com