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Money Matters

Are you dealing with financial stress? Take this quiz to see how money savvy you are.

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Money Matters
Money Matters
Question 1 of 20 Correct

True or false: People who make $20K are more stressed about money than people who make $1 million.

Correct! Sorry, that’s incorrect.

The correct answer is: This is false. Financial stress often depends on how the individual manages his or her money. A millionaire could be spending more money than they make, where someone who makes much less could be spending less than they make.

Money Matters
Question 2 of 20 Correct

Why should couples talk about money before getting married?

Correct! Sorry, that’s incorrect.

The correct answer is: Since financial styles affect a marriage as much as parenting and sexual styles, it's smart to talk about money well before wedding vows to discuss long-term goals, short-term needs, budgets, emergency plans and an overall financial strategy.

Money Matters
Question 3 of 20 Correct

True or false: Men and women approach money differently.

Correct! Sorry, that’s incorrect.

The correct answer is: This is true. Men and women have decidedly different views about money. One study found that women are generally as confident when it comes to everyday money management, but are less confident than men when it comes to issues like investing, understanding financial language and planning for retirement.

Money Matters
Question 4 of 20 Correct

How is overspending like overeating?

Correct! Sorry, that’s incorrect.

The correct answer is: Letting money get out of control and paying a higher price later is much like thinking you can manage your health by making last-minute choices before the ambulance arrives. Both financial and physical health require ongoing vigilance.

Money Matters
Question 5 of 20 Correct

What are the signs someone has a money problem?

Correct! Sorry, that’s incorrect.

The correct answer is: All of the above. Putting money ahead of things like health, love, family and friendship is the sign of a problem, as is using it to try to impress others or feeling guilty spending it even on necessities.

Money Matters
Question 6 of 20 Correct

How can a person make smarter decisions about money?

Correct! Sorry, that’s incorrect.

The correct answer is: All of the above. Record daily purchases in a small notebook and at the end of the month, use the information to trim your spending by ten percent. Don't let wishful thinking guide money matters; make realistic decisions instead. Finally, stick with paying off your home mortgage rather than continually switching homes.

Money Matters
Question 7 of 20 Correct

Which of these financial records should be saved in a safe deposit box?

Correct! Sorry, that’s incorrect.

The correct answer is: All of the above. Store originals of records that will be difficult to replace in a safe deposit box at a bank. A safe deposit box is an excellent place to safely store financial papers, health records and other important documents.

Money Matters
Question 8 of 20 Correct

What percentage of one's monthly income should go into savings?

Correct! Sorry, that’s incorrect.

The correct answer is: Putting away 10 percent of monthly income (or at least $100 every month) can start the process of creating a backup plan for emergencies, which in turn reduces stress.

Money Matters
Question 9 of 20 Correct

How should a person deal with fear about financial matters?

Correct! Sorry, that’s incorrect.

The correct answer is: The best strategy for dealing with financial fear is to look logically at the options and get help from friends or a pro.

Money Matters
Question 10 of 20 Correct

What percentage of every paycheck should go towards retirement?

Correct! Sorry, that’s incorrect.

The correct answer is: The more that can be put away for retirement, the better, but 10 percent is a great place to start (after setting aside the other 10 percent for emergency funds).

Money Matters
Question 11 of 20 Correct

How can planning for retirement be more of a challenge for women?

Correct! Sorry, that’s incorrect.

The correct answer is: Although some women can expect retirement income from their husbands or partners, others receive nothing other than social security and live longer and earn less than men.

Money Matters
Question 12 of 20 Correct

How much money should one save for medical costs during retirement?

Correct! Sorry, that’s incorrect.

The correct answer is: According to a study by Fidelity Investment, a 65-year-old couple retiring today will need, on average, $230,000 set aside to pay for medical costs during retirement.

Money Matters
Question 13 of 20 Correct

How early can a child learn how to budget?

Correct! Sorry, that’s incorrect.

The correct answer is: From the time a child can write and count, he or she should get a simple recording book to keep track of money. A young child can track earnings (including holiday money gifts); an older child can record earnings and expenses.

Money Matters
Question 14 of 20 Correct

How can kids learn the value of money?

Correct! Sorry, that’s incorrect.

The correct answer is: A child can learn from a young age that how you earn money is through hard work, whether it's setting up a lemonade stand or mowing the neighbor's lawn.

Money Matters
Question 15 of 20 Correct

What are signs that an elderly family member is having money troubles?

Correct! Sorry, that’s incorrect.

The correct answer is: All of the above. Recognize these serious warning signs that an older parent may need financial help to remain at home.

Money Matters
Question 16 of 20 Correct

True or false: It's a good idea to tell others about personal debt.

Correct! Sorry, that’s incorrect.

The correct answer is: This is true. Keeping personal debts secret allows one to live in a financial illusion, which can in turn lead to overspending. Letting friends know about debt helps them avoid provoking overspending.

Money Matters
Question 17 of 20 Correct

True or false: Cutting up credit cards is a good idea to reduce credit card debt.

Correct! Sorry, that’s incorrect.

The correct answer is: This is true. Living simply and using cash instead of credit cards can get a person out of debt faster.

Money Matters
Question 18 of 20 Correct

True or false: Money in a health savings account can cover expenses other than medical bills.

Correct! Sorry, that’s incorrect.

The correct answer is: This is false. Health savings account funds can only be used for health care expenses.

Money Matters
Question 19 of 20 Correct

What are the advantages of a health savings account?

Correct! Sorry, that’s incorrect.

The correct answer is: All of the above. The government doesn't tax the contributions or the interest in this savings account and a person can't lose the account.

Money Matters
Question 20 of 20 Correct

True or false: If someone has medical debt, she should accept the hospital's offer for a credit line from an outside lender at 0 percent interest.

Correct! Sorry, that’s incorrect.

The correct answer is: This is false. The 0 percent rate usually jumps into the 20 to 30 percent range if a payment is missed. Plus, once the balance is off the hospital's books, the debtor loses negotiating leverage.

Money Matters
Congratulations!

You got out of 20 correct. You're a health wiz!

Money Matters
Good try!

You got out of 20 correct. Learn more about Family Health to improve your score.

Money Matters
Better luck next time!

You got out of 20 correct. Learn more about Family Health to improve your score.