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If You Get 9/9 On This Quiz, You’re Probably Really Good With Money

Conquer your finances one question at a time! Keep moving forward with Chase Slate, the card designed to help you spend with confidence.

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  1. How much of your income should you be trying to save per month?
    Correct
    Incorrect
    0%
    Correct
    Incorrect
    5%
    Correct
    Incorrect
    10%
    Correct
    Incorrect
    15%
    Correct!
    Wrong!

    You should be trying to save 15% of your income per month.

    "In general, you should strive to save at least 15% of your income per month," says Mical Jeanlys, General Manager of the Chase Slate credit card. "Consider setting up a direct deposit of 15% of your paycheck into your savings account to make the process as seamless as possible." However, if 15% of your income isn't realistic, Jeanlys says to "pick a savings amount that works with your budget." Even $25 a month will start to add up in the long run!

    You should be trying to save 15% of your income per month.
  2. Define<br />"take-home pay."
    Correct
    Incorrect
    Percentage of annual salary spent on housing
    Correct
    Incorrect
    Money you literally take home and hide in your house
    Correct
    Incorrect
    Monthly income minus taxes and other obligations
    Correct
    Incorrect
    Percentage of annual salary buried in the backyard
    Correct!
    Wrong!

    Take-home pay is your monthly income minus taxes and other obligations.

    Your “take-home pay” is the amount of money you make after subtracting federal income tax, Social Security and Medicare contributions, any state or local income taxes, monthly health and dental insurance premiums, and 401(k) contributions. Knowing your take-home pay is incredibly important for budgeting — you want to make a budget with the money you actually bring home, not your total income.

    Take-home pay is your monthly income minus taxes and other obligations.
  3. Your emergency fund should be able to cover AT LEAST ___<br />months of expenses.
    Correct
    Incorrect
    1 or 2
    Correct
    Incorrect
    1–3
    Correct
    Incorrect
    3–6
    Correct
    Incorrect
    12–18
    Correct!
    Wrong!

    Your emergency fund should be able to cover AT LEAST three to six months of expenses.

    "An emergency fund typically includes enough to cover three to six months of expenses," according to Jeanlys. If you can cover more than that, great! If not, get to saving. "Focus on costs, not income," Jeanlys advises. "All you need is a barebones calculation of items you absolutely need to pay. Start by determining how much you really need to get through a crisis and start putting away a little at a time to save toward that goal."

    Your emergency fund should be able to cover AT LEAST three to six months of expenses.
  4. Define "credit score."
    Correct
    Incorrect
    Any credit card purchase that nets rewards points
    Correct
    Incorrect
    A measure of your credit worthiness
    Correct
    Incorrect
    A name for your monthly credit card statement
    Correct
    Incorrect
    Something people with good credit say when they make a purchase
    Correct!
    Wrong!

    A credit score is a measure of your credit worthiness.

    Your credit score is a measure of your credit worthiness and is calculated based on the information on your credit report. A good credit score is an indication that you are financially responsible and have a good track record of paying bills on time.

    A credit score is a measure of your credit worthiness.
  5. Which number is considered a VERY GOOD credit score?
    Correct
    Incorrect
    100
    Correct
    Incorrect
    575
    Correct
    Incorrect
    799
    Correct
    Incorrect
    1,000
    Correct!
    Wrong!

    The FICO® Score range for a VERY GOOD credit score is 740–799.

    Your FICO® Score can range from 300–850. The FICO® ranges are POOR: 300–579, FAIR: 580–669, GOOD: 670–739, VERY GOOD: 740–799, and EXCEPTIONAL: 800+.

    The FICO® Score range for a VERY GOOD credit score is 740–799.
  6. Who can use your<br />credit report?
    Correct
    Incorrect
    Landlords
    Correct
    Incorrect
    Insurance companies
    Correct
    Incorrect
    Employers
    Correct
    Incorrect
    All of the above
    Correct!
    Wrong!

    Landlords, insurance companies, and employers can all use your credit report.

    Your credit history can affect more than just your ability to get a loan. Property rental agencies, mobile phone companies, insurance companies, and employers can all use your credit report as well.

    Landlords, insurance companies, and employers can all use your credit report.
  7. What is a "soft inquiry"?
    Correct
    Incorrect
    A type of credit check
    Correct
    Incorrect
    A super-informal loan request
    Correct
    Incorrect
    A credit card application you get in the mail
    Correct
    Incorrect
    An early step in refinancing
    Correct!
    Wrong!

    A "soft inquiry" is a type of credit check.

    "Soft inquiries occur when you check your own credit report, when your credit report is checked as part of a background check, or when a financial institution administers a pre-approved credit card/loan offer," says Jeanlys. "Soft inquiries do not negatively impact the score — so you should check your credit score regularly to stay on top of your credit health."

    A "soft inquiry" is a type of credit check.
  8. Define "fixed expense."<br />
    Correct
    Incorrect
    An expense that was once broken but has since been repaired
    Correct
    Incorrect
    A regular expense that's the same from month to month
    Correct
    Incorrect
    Any expense you’ve budgeted for
    Correct
    Incorrect
    All expenses you incur while trying to fix your life
    Correct!
    Wrong!

    A fixed expense is a regular expense that stays the same from month to month.

    Fixed expenses are regular bills that cannot be easily changed like rent, student loan payments, or monthly insurance premiums. They’re the bills you need to prioritize when creating a budget. Flexible expenses are more discretionary and are likely to change from month to month.

    A fixed expense is a regular expense that stays the same from month to month.
  9. What’s the “avalanche method”?
    Correct
    Incorrect
    A strategy for paying down debt
    Correct
    Incorrect
    A budgeting strategy where you pay all your bills on the same day
    Correct
    Incorrect
    A strategy for avoiding debt where you just hide in a pile of snow
    Correct
    Incorrect
    A type of direct deposit
    Correct!
    Wrong!

    The avalanche method is a strategy for paying down debt.

    The avalanche method is a popular (and financially optimal!) way to pay down debt. In the avalanche method, debts are paid down in order of interest rate, with debt that carries the highest interest rate being paid down first.

    The avalanche method is a strategy for paying down debt.

All facts provided by Chase Slate.

Learn how to spend with confidence! Enjoy insights and credit management tools with Chase Slate, the card designed to help you keep moving forward.

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