Debt, Credit Cards, Bills, Savings, The IRS, Coupons and more. How much do you know? Most people struggle with this quiz, will you?

1. When do you open bills that you receive by mail or email?

  • When they are due
  • The day they arrive
  • When I remember I have them
  • When I think I have the money to pay them

✔️Right Answer: The day they arrive

2. Do you have a flexible spending account through your work or another source?

  • Yes
  • No
  • I do not know what that is
  • They are not necessary

✔️Right Answer: Yes

3. What do you do when you get a raise?

  • Improve my current standard of living
  • Pay overdue bills
  • Spend more on food and entertainment
  • Put the added amount into retirement or savings

✔️Right Answer: Put the added amount into retirement or savings

4. What do you do when you purchase something online?

  • Look for the best deal
  • Pay whatever the asking price is
  • Use coupons and promotional codes
  • Use an auction site

✔️Right Answer: Use coupons and promotional codes

5. What is the maximum amount you would owe a credit card company if someone used your card without your permission?

Hacker holding a credit card
  • The amount they charged
  • The interest on the amount they charged
  • Fraud prevention processing fees
  • Fifty dollars

✔️Right Answer: Fifty dollars

6. How do you pay your credit card bills?

  • More than the minimum payment
  • The minimum payment
  • I am usually past due
  • I do not have a credit card

✔️Right Answer: More than the minimum payment

7. If you were unable to pay your bills this month what would be the best strategy

  • Payday loan
  • Charge it on credit card
  • Call the companies I owe and explain
  • Ignore the bills until next month

✔️Right Answer: Call the companies I owe and explain

8. What have you done about car insurance?

  • I have it
  • I carry minimum liability
  • I do not have car insurance and just try to avoid wrecking or being pulled over
  • I have and good driving record and have talked to my insurer about lower payments

✔️Right Answer: I have and good driving record and have talked to my insurer about lower payments

9. Do you gamble or play the lottery?

  • Only scratchoffs
  • Scratchoffs and lotto tickets
  • No
  • I gamble in other ways like bingo or horses

✔️Right Answer: No

10. Do you have a savings goal?

  • Yes and I contribute to it regularly
  • Yes but I do no contribute often
  • Someday I will be able to save
  • No

✔️Right Answer: Yes and I contribute to it regularly

11. How do you use coupons?

  • I do not use coupons
  • I use them to buy things I cannot afford or would not buy if I did not have the coupon
  • I use them for things I would like to buy
  • I use them for things I buy often when the item is also on sale

✔️Right Answer: I use them for things I buy often when the item is also on sale

12. When was the last time you looked at your credit report?

  • I never have
  • When I made a major purchase
  • Within the past six months
  • When I was denied a loan

✔️Right Answer: Within the past six months

13. Do you have an emergency fund?

  • I do not have a groceries next week fund
  • I have three to six months of income saved
  • I plan to
  • I use my credit card for emergencies

✔️Right Answer: I have three to six months of income saved

14. Which mindset do you have?

personal financial planning
  • Creature comforts are most important
  • I will have more money next month
  • I want to save up for something specific
  • I treat my household finances like a business

✔️Right Answer: I treat my household finances like a business

15. Do you include clothes and entertainment in your budget planning?

Personal budget
  • Yes
  • No
  • Only clothes
  • I do not plan a budget

✔️Right Answer: Yes

16. How often do you compare your income with your expenses or track your spending?

  • Daily
  • Weekly
  • Monthly
  • When there are major changes

✔️Right Answer: Weekly

17. How do you decide what to spend on gifts?

  • How much that person will spend on me
  • How much is average for the event
  • I just buy and worry about it later
  • I look at the money I have and set a maximum price

✔️Right Answer: I look at the money I have and set a maximum price

18. Do you look for ways to refinance loans or change interest rates

  • I am afraid to talk to creditors and find out they will not adjust the rates
  • I have never thought about it
  • Yes
  • I have looked but not acted

✔️Right Answer: Yes

19. Do you avoid impulse purchases?

  • I try to but my emotions make me want things
  • I stick to my list when shopping and only buy impulse if it is a budgeted item in my plan
  • I do not have lists or budget so all purchases are on instinct
  • I have a plan but I forget it or forget to make a list

✔️Right Answer: I stick to my list when shopping and only buy impulse if it is a budgeted item in my plan

20. How do you set financial goals?

  • Long term goals and short term goals
  • Long term goals
  • Short term goals
  • I do not set goals

✔️Right Answer: Long term goals and short term goals

21. Which comes first in creating a financial plan?

Inside the brain. Concept of neurons and nervous system. Two neurons transmitting information.
  • Creating a spending plan
  • Creating a budget
  • Getting out of debt
  • Investing

✔️Right Answer: Creating a budget

22. Do the people closest to you or those living in your house know about your financial goals and or budget goals?

Husband and wife sitting in the kitchen drinking coffee and using laptop and smart phone.
  • Somewhat
  • I keep it secret
  • They do but do not care
  • Yes and they are considerate of my efforts to keep on track

✔️Right Answer: Yes and they are considerate of my efforts to keep on track

23. How do you handle cash?

  • I use only cash for non bill purchases
  • I never use cash
  • I have a predetermined amount of cash on me when shopping to stay on budget
  • If I have cash I spend it

✔️Right Answer: I have a predetermined amount of cash on me when shopping to stay on budget

24. What do you do with things you do not want anymore?

  • Give them away
  • Have a yard sale or sell them online
  • Donate them
  • Throw them away

✔️Right Answer: Have a yard sale or sell them online

25. What do you do for lunch?

  • Packaged food or frozen food
  • Fast food
  • Restaurant
  • Something I made at home and took to work or school

✔️Right Answer: Something I made at home and took to work or school

26. Where do you keep most of your monthly income?

  • Saving account
  • Checking account
  • Online source like PayPal
  • Sock drawer or wallet

✔️Right Answer: Saving account

27. Which do most people spend more money when using?

  • Cash
  • Check
  • Credit card
  • Bitcoin

✔️Right Answer: Credit card

28. What happens if your raise puts you in the next tax bracket?

  • Nothing
  • You lose more money to taxes that you gained in your raise
  • You have to get another raise before the end of the year to make it worth it
  • You are taxed at a higher rate only on the part that you didn’t have before

✔️Right Answer: You are taxed at a higher rate only on the part that you didn’t have before

29. How do you pay your taxes?

  • I get a huge refund
  • I have to use the installment agreement
  • I get a small refund
  • Lump sum

✔️Right Answer: I get a small refund

30. Do you know about things to do in your area that are free?

  • Yes
  • No
  • If it is free it must not be good
  • It never occurred to me to find out

✔️Right Answer: Yes