1. How much money do the majority of Americans have in their savings accounts?
a. more than $1,000
b. less than $1,000
c. enough for unexpected expenses
2. What crisis in American society does Stephanie Barnes refer to?
a. Many Americans won’t earn a salary when they retire.
b. Many Americans will have expenses when they retire.
c. Many Americans haven’t saved enough for retirement.
3. According to Barnes, what should be your most important financial goal?
a. saving for retirement
b. creating a budget
c. covering unexpected expenses
4. Why is credit card debt the worst kind of expense?
a. You have to pay a lot of interest.
b. You can’t pay back any money.
c. You can’t cover your expenses.
5. How can young people start saving for retirement early?
a. By starting to contribute to a retirement account as soon as they begin working.
b. By investing in real estate or stocks.
c. By avoiding unnecessary expenses and budgeting effectively.
6. What is the main reason Americans struggle to save money, according to the article?
a. Low income and high expenses.
b. Lack of financial literacy.
c. Spending habits and lifestyle choices.
7. What is the recommended emergency savings amount?
a. Three to six months' worth of living expenses.
b. One month's worth of living expenses.
c. Six to nine months' worth of living expenses.
8. How can someone get out of credit card debt?
a. By prioritizing debt repayment and creating a budget.
b. By avoiding using credit cards altogether.
c. By borrowing more money to pay off the debt.