Test 1 - Savings Plans.

Please read each statement carefully, then indicate if it is "True" or "False". When done, click on the button "Check Answers".

 

1. The faster the debt is paid off, the more you will spend on interest.

True  False
 

2. Individuals should pay off their high interest debt first and then institute a savings plan.

True  False

 

3. When you decide to begin a savings program, you must first choose an investment vehicle which best meets your retirement goals.

True  False

 

4. When it comes to a savings strategy the longer you wait, the better off you will be.

True  False

 

5. Savings is a key component of any solid financial plan.

True  False

 

6. You do not need to have some money available for life's little emergencies.

True  False

 

7. Figure out how much you’ll have to save per week, per month, or per paycheck to attain each of your savings goals.

True  False

 

8. For most savings goals, it’s best to save the same amount each period.

True  False

 

9. In a slow economy people do not need to watch their spending that might jeopardize their future financial goals.

True  False

 

10. Taking on new debt may not be a problem in good times if the individual makes enough money to cover the monthly payments.

True  False

 

11. The first thing to do when considering your debt is to make a budget.

True  False

 

12. The longer you wait to begin saving the more difficult it will be to reach your goals.

True  False

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