Quiz | November 2009

TAKE CONTROL OF YOUR FINANCES - Quiz

So finally, you're feeling a little better about the economy. Time to hit the "reset" button on your personal finances. But you still have some lingering jitters, about your job security, your retirement savings and how you're going to pay for your kids' college tuition. Do you really know what it takes to regain control?

Take our 9-question quiz to find out. Even if you miss some answers, you'll get valuable tips to help you get back on track.
By Laura Cohn

Quiz

TAKE CONTROL OF YOUR FINANCES - Quiz

Question 1 of 9

What's the first thing you should do?

A. Track your spending.
B. Start saving more.
C. Refocus the investments in your retirement kitty.
D. All the Above

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 1 of 9

What's the first thing you should do?

You're right! D. All the Above is correct.

Sorry, wrong! is incorrect.

The right answer is D. All the Above.

ANSWER: D. To really hit the reset button, you should do each of these things. By knowing where your money is going, increasing your savings and re-evaluating your investments, you'll improve your personal financial health.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 2 of 9

You're spending too much. Where can you find savings fast?

A. Your cable bill
B. Your student loans
C. Your life insurance premiums
D. Your gym membership
E. A, B, and C

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 2 of 9

You're spending too much. Where can you find savings fast?

You're right! E. A, B, and C is correct.

Sorry, wrong! is incorrect.

The right answer is E. A, B, and C.

ANSWER: E. Of course, you could try to haggle with your gym. But if you're stressed out, a work-out will help. You'll have better luck elsewhere with more opportunities for real savings. Why? Cable providers are scrambling for customers and may be willing to negotiate.. Income-based repayment, a new plan, is now available to federal student loan holders. And life insurance premiums have fallen over the past 10 years. If it's been a while since you shopped for a policy, check AccuQuote.com.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 3 of 9

True or False? As you try to regain your financial footing, you should set aside your unpaid doctor bills.

A. True
B. False

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 3 of 9

True or False? As you try to regain your financial footing, you should set aside your unpaid doctor bills.

You're right! B. False is correct.

Sorry, wrong! is incorrect.

The right answer is B. False.

ANSWER: False. If you owe your doctors, ask if they will accept low monthly payments spread over time instead a lump sum. That way, you can still get care--and avoid having the debt sent to collection.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 4 of 9

Your utility bills are skyrocketing. What's the best step you can take?

A. Call the companies and see if you can delay payment.
B. Pay the bills late, and don't worry about it.
C. Ask the utility companies to put you on a cost-averaging plan.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 4 of 9

Your utility bills are skyrocketing. What's the best step you can take?

You're right! C. Ask the utility companies to put you on a cost-averaging plan. is correct.

Sorry, wrong! is incorrect.

The right answer is C. Ask the utility companies to put you on a cost-averaging plan..

ANSWER: C. See if your electricity or home fuel provider offers such a program, which smoothes out your monthly bills, and make your expenses more predictable. It's better to ask than to risk having your services shut off.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 5 of 9

True or False? Dollar-cost averaging is a good way to build up your stock market exposure because it takes your emotions out of the equation.

A. True
B. False

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 5 of 9

True or False? Dollar-cost averaging is a good way to build up your stock market exposure because it takes your emotions out of the equation.

You're right! A. True is correct.

Sorry, wrong! is incorrect.

The right answer is A. True .

ANSWER: True. To apply this strategy, determine how much to invest every month and set up a direct transfer from your bank account to a mutual fund. Then, be patient. Your investment should grow over time. The automatic approach will prevent you from making ill-timed moves with your investments.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 6 of 9

As you evaluate the mutual funds in your portfolio, which step is most important?

A. Rid yourself of underperformers.
B. Make sure you’re diversified.
C. Eliminate overlap in your portfolio.
D. All of the above.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 6 of 9

As you evaluate the mutual funds in your portfolio, which step is most important?

You're right! D. All of the above. is correct.

Sorry, wrong! is incorrect.

The right answer is D. All of the above. .

ANSWER: D. Check to see how your funds compare to their peers (download our annual mutual fund rankings from the September issue on Kiplinger.com). Then, make sure you have a mix of investments so that you're diversified enough.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 7 of 9

You’re 60 years old and just lost more than 30% of your retirement kitty. Forget about retiring at 65. You’ll have to work for another 10 years.

A. True
B. False

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 7 of 9

You’re 60 years old and just lost more than 30% of your retirement kitty. Forget about retiring at 65. You’ll have to work for another 10 years.

You're right! B. False is correct.

Sorry, wrong! is incorrect.

The right answer is B. False.

ANSWER: False. The big loss in the stock market likely won’t delay your plans by as much as you think. Remember that part of your income during retirement will come from Social Security and your future savings. You may only need to delay retirement by a year or two if you increase your 401(k) contribution. Try our recoup your savings calculator at the end of this quiz in our related links section.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 8 of 9

Little Johnnie is 9 years old. Janie is 10. You haven’t saved a penny for their college tuition. What to do?

A. Go to unclaimedassets.com to see if there are any financial assets you can claim from the feds.
B. Set up a 529 savings account or prepaid tuition plan.
C. Inform the grandparents.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 8 of 9

Little Johnnie is 9 years old. Janie is 10. You haven’t saved a penny for their college tuition. What to do?

You're right! B. Set up a 529 savings account or prepaid tuition plan. is correct.

Sorry, wrong! is incorrect.

The right answer is B. Set up a 529 savings account or prepaid tuition plan..

ANSWER: D. Finding an unclaimed asset or asking the grandparents to set up a fund could help. But the most practical thing to do is set up a 529 plan, which lets your college savings money grow tax free. And prepaid tuition plans, offered by 13 states, help you lock in part or all of your tuition.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 9 of 9

What's the one bill you absolutely, positively, should NOT put off in a given month?

A. Your health insurance.
B. Your credit-card bill.
C. Your dry cleaning tab.
D. Your dog walking service.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Question 9 of 9

What's the one bill you absolutely, positively, should NOT put off in a given month?

You're right! A. Your health insurance. is correct.

Sorry, wrong! is incorrect.

The right answer is A. Your health insurance..

ANSWER: A. Always pay your health insurer. Particularly if times are tough, the last thing you need is a medical emergency you can't afford.

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TAKE CONTROL OF YOUR FINANCES - Quiz

Results: 0 out of 9 Right

Quiz | November 2009

TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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TAKE CONTROL OF YOUR FINANCES - Quiz

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