How Financially Savvy Are You?

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How much do you really need to save for a rainy day? How do you build your credit score so you can get that new car or buy a home? And do you really need to start saving for retirement already?

Money. We all want it. We all need it. But the key to being financially savvy is learning how to make your money work for you. Take this quiz to find out just how financially savvy you really are.

Created by: mybeacon of MyBeacon
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  1. Which of the following is not reported to the credit bureaus?
  2. Late payments on credit cards, bills, and loans affect what percent of your credit score?
  3. What's considered a "good" credit score?
  4. You are 25 years old and just landed a great new job. You have $5,000 in your 401K with your former employer that you plan on cashing out to pay for a new wardrobe and a much-deserved vacation. If you left the $5,000 in your retirement account instead, how much money would you have at age 70? (assuming 6% annualized rate of return)
  5. How often should you check your credit report?
  6. Talking with a financial planner is:
  7. If you can't afford to buy a car with cash, your best option is to:
  8. To avoid negatively affecting your credit score, you should use no more than ___ percent of your credit limit on your credit card?
  9. True or false: Your age should likely determine what % of your 401K should be comprised of stocks (riskier but more aggressive) and what % should be put in bonds (risk-dampening but lower returns)
  10. How much money should you have saved in an "emergency savings account" to make sure you are covered in the event of a job loss, illness, unforeseen life changing event, etc.

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Quiz topic: How Financially Savvy am I?