Think you know all there is to know about finances? Take this short quiz to see how much you really know!

1. How much of your paycheck should go to savings?

a. 50%
b. 20%
c. 90%
d. No idea

2. Amy and Tony are twins. At the age of 20, Tony started contributing $40 a month to a savings account. After 20 years, when he was 40, he stopped adding to his savings, but he left all the money in the account. Amy didn’t start saving until she was 40. Then, she saved $40 a month until she retired 20 years later at the age of 60. Suppose both Amy and Tony earned 3% interest per year on their savings. When they both retired at the age of 60, who had more money?

a. Tony
b. Amy
c. They would have the same amount
d. No idea

3. In general, riskier investments tend to provide higher returns over time than less risky investments.

a. True
b. False

4. Individual Retirement Accounts (IRAs) offer the following benefits

a. Great tax benefits compared to savings accounts
b. No income limits
c. Can supplement the retirement plan offered by your employer
d. All of the above

5. Which of the following are considered ‘wants’ when it comes to budgeting

a. Groceries
b. Concerts
c. Rent
d. Car expenses

6. Credit mix (or variety of types of credit you have open) contributes how much to your credit score?

a. 50%
b. 10%
c. 35%
d. 15%

7. Waypoint Bank offers multiple types of interest bearing checking accounts

a. True
b. False

8. Online Bill Pay is a nice feature to have for what reasons? (select all that apply)

a. It is FREE at Waypoint Bank
b. You can automate your bills so you never miss a payment
c. A guy named Bill pays all your bills each month and you don’t have to
d. It is secure and saves time

Answers are below. 

Tested well? Great job! Didn’t test well? Reach out to your local Waypoint Bank team today! Happy Financial Literacy Month!

Since 1883, Waypoint Bank has provided superior financial solutions promoting the small-town approach of putting relationships first. For 140 years, we’ve been earning your trust in the most friendly and professional manner possible while guiding your success.

Answer key: 1. B 2. A 3. A 4. D 5. B 6. B 7. A 8. A,B,D