Beginner's Guide to Personal Finance

Master the fundamentals and test your knowledge

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📚 Study Material

Download the complete guide to study before taking the quiz. This comprehensive 15-page guide covers everything from budgeting basics to investment fundamentals.

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🎯 Knowledge Check Quiz

Question 1 of 10

What is the recommended percentage for "Needs" in the 50/30/20 budgeting rule?

30%
50%
20%
70%

Question 2 of 10

Which debt payoff strategy focuses on paying the smallest balance first?

Avalanche Method
Snowball Method
Consolidation Method
Minimum Payment Method

Question 3 of 10

How many months of expenses should a standard emergency fund cover?

1-2 months
3-6 months
12 months
No specific amount needed

Question 4 of 10

What percentage of your credit score is based on payment history?

10%
30%
35%
50%

Question 5 of 10

What is the "25x Rule" for retirement planning?

Save 25% of your income
Save 25 times your annual retirement spending
Retire at age 25
Invest for 25 years minimum

Question 6 of 10

What type of investment provides instant diversification with low costs?

Individual stocks
Real estate
Index funds and ETFs
Cryptocurrency

Question 7 of 10

At age 30, how many times your annual salary should you have saved for retirement?

0.5x
1x
3x
6x

Question 8 of 10

What should you do FIRST before building your investment portfolio?

Buy individual stocks
Build an emergency fund
Invest in real estate
Start a business

Question 9 of 10

What is credit utilization and what percentage should you keep it under?

Total debt; keep under 50%
% of available credit used; keep under 30%
Monthly payment amount; keep under 20%
Number of cards; keep under 5

Question 10 of 10

What is the safe withdrawal rate for retirement savings?

2%
4%
10%
15%
0%

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