Financial Literacy Trivia: Saving

Test your financial knowledge with these trivia questions.

Subject: Saving

1. If your monthly expenses equal $1,000, What is the recommended amount to have in your Emergency Fund? 

2. True or False? 
    A Certificate of Deposit (CD) is an example of a savings product. 

3. Which of the following is NOT a way to save more money? 
    a. Earn more money
    b. Take out a loan
    c. Cut down expenses

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Answers: 

1. $3,000 - $6,000. 

Emergency Funds should equal three to six months of living expenses. 

2. True

A CD is a federally insured savings product that earn interest. You promise to keep you money in for a certain amount of time. Penalties typically apply to early withdrawal. 

3. (a) Take out a loan