What is a general rule of thumb on how much you should save? Options: 5% of your income, 10% of your income, 20% of your income, 30% of your income
College and Career Readiness II Term Exam #2

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Life Skills
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11th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
20% of your income
2.
FLASHCARD QUESTION
Front
What is a 529 account?
Back
A tax exempt fund that lets your savings grow for school.
3.
FLASHCARD QUESTION
Front
About how much should you save in an emergency fund? Options: 1-3 months of living expenses, 3-6 months of living expenses, 6-9 months of living expenses, 9-12 months of living expenses
Back
3-6 months of living expenses
4.
FLASHCARD QUESTION
Front
What is a good strategy to help you save? Options: spend money on all expenses; put the rest into saving, Tap into your savings on a regular basis to purchase small items, like snacks, Pay yourself first - set aside money for savings each month, Keep your spending and saving money together in 1 account
Back
Pay yourself first - set aside money for savings each month
5.
FLASHCARD QUESTION
Front
What is a reason for why so many Americans live paycheck-to-paycheck?
Back
Many people impulse shop
6.
FLASHCARD QUESTION
Front
How is compound interest different than simple interest?
Back
It is simple interest + interest earned on that interest.
7.
FLASHCARD QUESTION
Front
Assuming a rate of growth of 8%, in how many years will your $ double?
Back
9 years
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