Chapter 1 Savings Test

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1 point

Rate of return matters when it comes to compound interest.

True

False

1 point

Murphy’s Law is more likely to strike if you are prepared for the unexpected events that occur throughout life.

True

False

1 point

The first thing you should save for is your retirement fund.

True

False

1 point

Your first Baby Step is to pay off all of your debt.

True

False

1 point

A sinking fund is what really makes money grow over time.

True

False

1 point

A money market is the best place for your emergency fund.

True

False

1 point

Dave’s 80/20 rule says that personal finance is 80% knowledge and 20% behavior.

True

False

1 point

Pre-authorized checking helps to build discipline in savings.

True

False

1 point

You should invest 10% of your household income into Roth IRAs and pre-tax retirement plans.

True

False

10.

1 point

If we used a race analogy to describe building wealth, it would be most like a sprint.

True

False

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