Quiz Detail

Q1 . Financial Issues are cited among the Top 5 reasons people file for divorce

A True

B False

Q2 . "You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions." (IRS Publication 78)

A True

B False

Q3 . Government bonds are "fancy IOUs" from Uncle Sam. They provide funding for special projects. You purchase a bond for a specific amount of time and in exchange the government pays you back with interest.

A True

B False

Q4 . Which of these can potentially damage your credit score? Question taken from: howstuffworks.com

A Making late payments

B Closing a credit account with a low balance and high limit

C Making only the minimum monthly payment

Q5 . For my knowledge: I enjoy TheMoneyDiaries.com (doesn't count towards score)

A True

B False

Q6 . What is a 401(k) plan?

A A savings account through the government that is not taxed and grows above the inflation rate.

B A type of retirement account that you only pay income tax on when you make withdrawals.

C A retirement account through your employer. Contributions are made before tax is taken out of your paycheck and most companies match up to a certain amount of your contributions.

Q7 . You start working for a company that offers you a 401(k) retirement plan, the company will match up to 50% of your contribution, what should you do?

A Don't take money out of your paycheck for a retirement plan you can't touch until you're 65.

B Begin contributing the maximum amount out of your paycheck. You'll be getting free money from your company towards retirement. It's the easiest way for you to start saving.

C Contribute 5% from your paycheck, you need more cash.

Q8 . In the credit card industry, what type of person is a revolver?

A A person who applies for too many credit cards

B A person who pays their minimum balance every month

C A person who pays off their total credit card balance on time every month

Q9 . Taxes: If you get a big tax refund each year, you're having too little withheld from your paycheck.

A True

B False

Q10 . What is the number one reason people go into debt?

A Bad spending habits

B Drug abuse

C Medical bills

The Money Diaries Quiz 1: What Do You Know About Personal Finance?

Q1 . Financial Issues are cited among the Top 5 reasons people file for divorce

Q2 . "You may deduct charitable contributions of money or property made to qualified organizations if you itemize your deductions." (IRS Publication 78)

Q3 . Government bonds are "fancy IOUs" from Uncle Sam. They provide funding for special projects. You purchase a bond for a specific amount of time and in exchange the government pays you back with interest.

Q4 . Which of these can potentially damage your credit score? Question taken from: howstuffworks.com

Q5 . For my knowledge: I enjoy TheMoneyDiaries.com (doesn't count towards score)

Q6 . What is a 401(k) plan?

Q7 . You start working for a company that offers you a 401(k) retirement plan, the company will match up to 50% of your contribution, what should you do?

Q8 . In the credit card industry, what type of person is a revolver?

Q9 . Taxes: If you get a big tax refund each year, you're having too little withheld from your paycheck.

Q10 . What is the number one reason people go into debt?