How financially fit are you

Question 1 of 5 How much should you have in an emergency savings account?

$500
3 to 6 months of expenses
A year’s worth of your salary

True!

It’s a good idea to have 3 to 6 months' worth of expenses in your emergency savings. Depending on your monthly bills, family needs, job stability, and other factors, your amount may vary.

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Question of The best way to build and maintain your credit score is to:

Avoid using credit
Use lots of credit cards
Pay bills on time
Make big purchases

True!

Your payment history is the most important factor in your credit score, representing 35% of your total score. If you always pay at least the minimum balance due on time, you’ll be on the right path.

Tip: It’s best if you can pay more than the minimum payment due each month.

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Question of How much should you budget for routine home maintenance projects each year?

$100 per year
1 – 2% of the purchase price
10 – 20% of the purchase price

True!

A good rule to remember is to budget 1% to 2% of the purchase price of your home each year for routine maintenance projects, though you should adjust based on the condition of your home.

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Question of Why is it important to build credit as soon as you can?

To get a new job
To rent an apartment
To get a new loan
All of the above

True!

All the above. A positive credit history is more important than just being able to use a credit card to buy things. Your credit history may also be considered when you apply for a job or housing.

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Question of When reviewing your insurance policies each year, which factor is least likely to affect your coverage?

You experienced a major life event (e.g., getting married, retiring, having children)
You recently made a large purchase
You received several traffic tickets
You replaced your windows

True!

When reviewing your insurance needs each year, it is a good idea to consider how life events, moving, large purchases, or driving habits might affect your coverage needs. Minor home improvements, such as window updates, would likely have less impact on your coverage needs, relative to the other listed factors.

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