Financial Fundamentals Quiz

"Financial IQ" Quiz

Important Concepts for Young Families
1. What is the optimal savings rate for a family, as a percentage of gross household income?
2. If I am seriously injured by another person in an accident and out of work for a year, what coverage protects my lost wages if the person who injured me cannot cover my losses?
3. Your monthly mortgage payment should not exceed what percent of your monthly household income?
4. For life insurance, what multiple of your income is required to fully replace your income if you passed away at age 35?
5. It is always best to "max out" my 401k contributions before worrying about other savings options.
6. What is the purpose of a umbrella liability policy?
7. My work provides disability insurance as an employee benefit so all of my income will be replaced during a long-term disability.
8. Which option below is the best way to address my cash flow priorities?
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"Financial IQ" Quiz