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Question 1 of 8


IRA Stands For

A

Individual Retirement Arrangement

B

Individual Retirement Assest

C

Individual Retirement Account

D

Individual Retirement Assistance

Question 2 of 8

A coffee and a cupcake cost $1.10.  The coffee is 1 dollar more than the cupcake.

How much was the cupcake?

A

1 dollar

B

25 cents

C

10 cents

D

5 cents

Question 3 of 8

You got a tax refund this year, which means..

A

The government was really nice to you this year and compensated you

B

You overpaid the government and they made interest of your money

C

You made very little income, therefore they are refunding some back to you

D

Your withholdings on your W4 are too low

Question 4 of 8

Imagine your savings account is earning 3% per year and inflation is 4% a year, both compounded annually.  After one year, how would you be able to buy with the money in this account? 

A

More than today

B

Exactly the same

C

Less than today

D

Don't know

Question 5 of 8

The Rule of 72 stands for...

A

The age when you have to take your money out of your retirement accounts and pay taxes on it.

B

The amount of money divided by 72 is how much interest you have to pay on your credit cards.

C

The Rule of 72 is the amount of years it will take your money to double when you divide the rate of return by 72.

D

There is no rule of 72

Question 6 of 8

You have $1000 in your bank account and it is earning 1% annually. How much would you have after 10 years? 

A

1100

B

2000

C

10000

D

1105

Question 7 of 8

You have $100,000 in your IRA or 401K, but the market went down -50%.  Now you have $50,000.  How much would you need the market to go up to get back to $100,000 again? 

A

A gain of 25%

B

A gain of 50%

C

A gain of 75%

D

A gain of 100%

Question 8 of 8

My Main Financial Concern is:  

A

How to get out of debt

B

How to attract more money into my life

C

How to create and keep a Budget

D

How to create an Emergency Fund

E

How to achieve all my financial goals

F

Where are the best places to put my money

G

How to protect myself and my assets

H

How to create a plan for my kid or children

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