Test yourself


Topic Assessement: Question

Here are a few questions to test what you've learned.
The amount of interest you earn on money in your savings account will depend a lot on which three factors?
A. The wind chill factor, the alignment of the stars and planets, and whether Mercury is in retrograde.
B. The interest rate, how often you make deposits, and how the financial institution invests your money.
C. The interest rate, how long you keep the money in your account, and how the financial institution pays the interest.
D. The prime rate, your credit rating, and how you make the deposits (cash, check, or direct deposit).
Right! Remember to shop for a savings account with the highest Annual Percentage Yield (APY) you can find.
Not Quite.
Not Quite. The correct answer is C. The interest rate, how long you keep the money in your account, and how the financial institution pays the interest.
The collection of investments you own is called your __________.
A. portfolio.
B. dividend
C. profit margin
D. liabilities
Right! Remember that diversifying your portfolio among different types of investments and a variety of companies and industries can help reduce your risk.
Not Quite.
Not Quite. The correct answer is A. portfolio.
Many studies indicate that if you want your retirement savings to last, you should withdraw no more of your savings each year than __________.
A. 1-2%
B. 4-6%
C. 8-10%
D. 10% of your age
Right! The exact percentage depends on many factors, including how long you live and how much you income you receive from part-time work, social security, etc.
Not Quite.
Not Quite. The correct answer is B. 4-6%.
To build wealth, try to focus on buying assets you think are likely to __________ over time.
A. depreciate
B. negotiate
C. appreciate
D. initiate
Right! Remember: not all assets go up in value. For example, the value of a new car can drop hundreds or even thousands of dollars the first day you drive it. Click the next button for more great options.
Not Quite.
Not Quite. The correct answer is C. appreciate.
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