What’s Your Financial IQ?

When it comes to managing your money, knowledge really is power. Take our quiz to see how your financial smarts measure up—then click through to see what Farnoosh Torabi, Chase Slate financial education partner, and host of the award-winning podcast, So Money, has to say about securing your financial future.

1 of 12

What’s the minimum amount of money you should have saved for emergencies?

One month’s living expenses

Three months’ living expenses

Six months’ living expenses

2 of 12

What kind of debt should you pay off first?

Car loan

Credit card

Whatever has the highest interest rate

3 of 12

When should you begin paying off your student loans?

1 years after college

As soon as possible

5 years after college

4 of 12

How much of your income should you be saving for retirement?

2 percent

10 percent

5 percent

5 of 12

What two factors listed here are among the five that go into calculating your credit score?

Payment history, amount of debt

Portfolio diversity, number of loan applications

Savings account balance, income tax owed

6 of 12

If you’re given a $100 loan with a 2 percent interest rate, how much will you owe in 1 year?

$102

$112

$120

7 of 12

Which of these is NOT a way to build credit history?

Taking out a loan (either in your name or as a cosigner)

Purchasing a government savings bond

Signing up for a credit card

8 of 12

If your employer will match your contribution, which is the best retirement savings option?

401(k)

Roth IRA

HSA

9 of 12

What is the primary difference between a savings and a checking account?

Money in savings is just for emergencies; money in checking is for everyday expenditures

Money in checking earns interest; money in savings is there when I need it quickly

Money in savings earns interest; money in checking is easily accessed

10 of 12

What percentage of your take-home pay should go towards housing each month?

Around 50 percent

Around 30 percent

Around 60 percent

11 of 12

Which of these activities will negatively impact your credit score?

Applying for a loan

Withdrawing money from a 401(k) before retirement

Using a high percentage of the credit available to you

12 of 12

How much does it cost to check your credit score?

Nothing!

around $9.99 per report

I bet over $19.99 per month

YOUR SCORE

25%

What’s Your Financial IQ?

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