Quizzes And Calculators - Personal Finance Help
Quizzes and Calculators - Personal Finance Help
I think it's time to go back to school. Okay, you don't literally need to hop on the school bus, get a new school bag, lug around a few pounds of books/binders and highlighters and hide your lunch money, but I think it is time for us to get some personal finance help. I've created a short quiz for you to zip through to find out how well you understand your finances.
1. It's always better to choose the longest amortization period with your mortgage because you will have a lower monthly payment.
a: True
b: False
2. There is very little difference on how much interest you pay over the term of your mortgage if you pay monthly or bi-monthly.
a. True
b. False
3. Do you know what a dividend is?
a. A cash rebate distributed between lenders
b. A payment of additional shares of stock to stockholders
c. A monetary bonus to government workers
d. A division of an international corporation
4. What is the most important financial tool you should use?
a. Planning a household budget
b. Using tax preparation software
c. Always keep your checkbook in balance
d. Locating personal finance help from a professional
5. What is an Asset?
a. A automobile, computer or clothing
b. It is cash, real estate or stocks
c. Anything owned that has exchange value
d. All of the above
How did you do? Find out below!
1. b - False
It's amazing the amount of interest you end up saving if you lower how long you are paying a mortgage. attempt to make as much of a financial contribution as you comfortably can so you can save tens of thousands of dollars. The more quickly you can pay it off, the better.
Amortization period Monthly payment Total interest over the lifetime of the mortgage
35 years $565.25 $137,408
25 years $639.81 $91,940
20 years $712.19 $70,925
Amount saved with a shorter amortization period--$66,483
2. b- False
By making your mortgage payment every two weeks you will get rid of your mortgage much faster. Paying bi-monthly ends up being an extra payment per year. If you are more of a number person, the below chart will create clearer understanding and give some more personal finance help.
3. b - A payment of additional shares of stock to stockholders
Plenty of people who play with the stock market only choose stocks that pay in additional shares to stockholders. Imagine you had taken dividends as a stock option when big personal computer company's were just starting to become popular? Many people did and ended up making millions.
4. a - Planning a household budget
All of the options in question four are important financial aides that you can use but the most important one is planning a household budget. It's smart to know where all of your cash is headed and how much you have left over to spend and save. You really should create a household budget if you want to keep track of your finances.
5. d - All of the above
This one may have fooled you but an asset by definition is 'anything owned that has exchange value'. Essentially an asset can be anything. Clearly many assets are better investments than others (like real estate or the stock market) but even the dusty old PC that you got when you headed off to college is actually an asset.
I hope this quiz was interesting and gave you some of the personal finance help you deserve. You have to stay on top of your money and know as much about your finances as possible. The more informed you are the more likely you will reach your financial goals. I know you have already created a number of financial goals.
Cheers until next time!
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by: Brandon Schmid
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