Starting a new job? Get smarter about money quiz.
1. Sue starts an RRSP at age 20 and puts in $1,000 each year for 15 years. Robin starts an RRSP at age 35 and puts in $1,000 each year for 30 years. If they both get 6% per year on their investments, who will have more money at age 65?
2. Which is the most critical information for making a budget?
3. Jamie has some extra money and wants to pay down her debt. Which should she pay down first?
4. If you are planning to work for a company for only two years and the company offers a choice of pension plans, what is your best choice likely to be?
5. About 30% of Charlie's pay goes to income taxes and other government deductions. If he borrows $1,000 at 5% interest, roughly how much will Charlie need to earn to pay it off in one year?
6. If you pay your bills each month and there is nothing left over, what is the best thing you can do?
7. Dave earns $3,000 per month after taxes. His rent and other monthly bills cost $1,600 per month. Dave wants to get a car and he figures that he can get a car loan and run his car for about $1,000 per month. Should Dave buy the car?
8. Which is the lowest cost way to borrow money for a few months?
9. How much do the employee benefits at a large employer commonly represent?
10. When you are just starting out, what is the most important thing you can do for your long-term financial health?