Take this quiz to find out if your knowledge of investing and personal finances rates an A+.
- Dirk received an unexpected financial windfall from his Uncle Ned. What should he do before he spends any of the money?
A. Put his windfall temporarily in a low-risk, income-producing investment
B. Review his old and new goals with a financial professional
C. Create a plan for preserving his wealth
D. All of the above
2. Dan wants to include stock investments in his portfolio because of their potential to earn strong long-term returns. Which type of stock listed below is generally considered the least risky?
A. Small-cap stocks
B. Large-cap stocks
C. Midcap stocks
D. Micro-cap stocks
3. John would like to retire in a couple of years. In order to plan adequately for his retirement, John should look carefully at:
A. Income sources
B. Potential expenses, including health care costs and taxes
C. Expected lifestyle (location, travel, hobbies, etc.)
D. All of the above
4. Linda has set up automatic deposits from each paycheck to an emergency fund. That way, she will have money to pay for unanticipated expenses, such as car or home repairs, and to help pay her bills if she’s unable to work. As a general rule, how many months’ worth of living expenses should Linda save in her fund?
A. One month
B. Two months
C. At least six months
D. Two years
So how about it? Were you up to the challenge? If you were, great going! If not, maybe it’s time to brush up on your skills.
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