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Money News

Quizzical Education, Vol. 7: Test Your Money News IQ

June 21, 2018

1 min read

Test your knowledge of some of the most important news stories involving money. This week, see if you know the name of the artificial intelligence platform that’s making investment decisions, how much money some people think you should have saved up by the time you turn 35, and what the Federal Reserve has been up to–that may end up costing you.

Find out in the 7 questions below:

1/7
Quiz
 

“FIRE” is an acronym for a growing retirement trend. What does it stand for?

Financial instructions for really easy (retirement)
Fluctuating income, really ebbs
Financial independence, retire early
Financial independence, relax earlier

“FIRE” stands for financial independence, retire early. The movement is characterized by folks looking to leave the workforce as early as possible. Typically, this involves saving between 50% and 70% of their income and stashing it in retirement accounts and investments. Another way to think of it? “Extreme Couponing” for retirement.

Read more: Meet FIRE: ‘Extreme Couponing’ For Retirement Planning

2/7
Quiz
 

On June 12, a federal court ruled that these two companies can merge, despite objections from the Trump administration, making way for a potential domino effect of more mergers in the media industry.

AT&T and Verizon
AT&T and Time Warner
Comcast and 21st Century Fox
Verizon and NBCUniversal

AT&T and Time Warner, which received the green light from a federal judge to proceed with an $85 billion merger. The merger was opposed by the Trump administration, citing fears about monopolization and consolidation in the media industry. The judge ruled in favor of the merger, however, paving the way for the largest merger in decades.

Read more: AT&T’s Blockbuster Deal with Time Warner

3/7
Quiz
 

The gaming industry held one of its largest annual events, called ____, last week. Developers showed off a number of new games, including “Fallout 76,” “Halo Infinite,” and “Super Smash Bros. Ultimate.”

CES
Coachella
PAX
E3

E3, also known as the Electronic Entertainment Expo. 2018 marked the 24th E3, and the sector’s biggest players–namely Nintendo, Sony, and Microsoft–showed that the industry is likely to keep growing.

Read more: E3 2018: Takeaways From the Gaming’s ‘Battle Royale’

4/7
Quiz
 

More merger madness! Another media company increased its bid for the assets of 21st Century Fox. This happened, despite 21st Century Fox already agreeing to sell its assets to yet another media conglomerate, Disney.

Verizon
Viacom
Comcast
ABC

Comcast upped its bid for 21st Century Fox, offering a reported $65 billion in cash. That’s up from its original offer of $60 billion, levied in May, and significantly more than the $52 billion that Disney offered in December.

Read more: Merger Mania! Why Disney and Comcast Are Fighting Over Fox

5/7
Quiz
 

There’s a lot of advice out there for new graduates, but for most people, the first step toward building a solid financial future is to create a ___ in order to track income and expenses.

Budget
Emergency fund
Abacus
401(k)

You should create an emergency fund. But first, you should build a budget, which will help you see how much you’re earning and what you’re spending it on. For new grads, this can be particularly important, as getting in the practice of budgeting is one of the healthiest financial habits you can cultivate.

Read more: What I Wish I Knew About Money After Graduation

6/7
Quiz
 

The Federal Reserve once again raised this--which means that borrowing money is going to get more expensive.

The money supply
Student loan forgiveness threshold
The debt limit
Interest rates

The Fed raised interest rates yet again, the fifth time since 2017. Rates will increase by a quarter of a percentage point to between 1.75% and 2.00%, meaning that the cost of borrowing is going up.

Why is the Fed doing it? One reason is to combat inflation.

Read more: Borrowing Money is About to Get More Expensive. Here’s Why

7/7
Quiz
 

A financial meme recently made the rounds on the internet, based on the premise that you should have ___ your salary saved up by the time you turn 35.

Half
A quarter
Thrice
Twice

You should have twice your salary saved up by the time you turn 35. At least that’s what the meme says. This snippet of advice isn’t bad, necessarily, but many people find it unrealistic, and a number of people mocked the notion, helping it gain traction on social media.

Read more: Don’t Have Double Your Salary Saved by 35? What To Do if You Live in the Real World

 
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By Sam Becker

*The results of this quiz does not imply any level of skill or training on the part of any customer. The content of this quiz is for educational purpose only.

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