Test your knowledge of some of the most important news stories involving money. This week, see if you know which steps to take to reach financial independence, which country the U.S. is currently engaging in a tariff slap-fight, and whether or not it’s a good idea to carry a credit card balance with hopes of improving your credit score.
Find out in the 7 questions below:
U.S. tariffs on $34 billion worth of goods from ___ have gone into effect, kicking off a trans-Pacific trade war.
Many Chinese goods are now subject to billions of dollars worth of tariffs, and China has responded in kind with its own tariffs on U.S. products, effectively starting a trade war. The Trump administration is expected to up the ante later this year with an additional $216 billion in tariffs on Chinese goods.
Read more: Trump’s Trade War With China Begins
Many people dream of becoming financially independent. Creating a budget is usually the first step—but what should your next move be?
Your budget will help you map out your current and future money moves. Once you have it created, you should focus on building an emergency fund. Ideally, it should be enough to cover at least three months’ worth of expenses.
Read more: How To Declare Financial Independence
True or false: Maintaining a balance on your credit cards will improve your credit score.
False. Roughly a quarter of credit card holders mistakenly believe that carrying a balance will help improve their credit scores. It doesn’t—in fact, you should aim to pay off your balances as quickly as possible. The average interest rate is almost 17%, and paying balances off sooner will save you money and help improve your score.
The average college graduate from the class of 2017 carries $___ in student loan debt.
College graduates, as of 2017, are $39,400 in debt on average. And that amount is likely to increase in the future.
Read more: How to Save Money in Your 20’s
If you’re planning a summer trip, these are all easy ways to help minimize your costs EXCEPT:
Don’t sell your winter clothing—you’ll need it again in a few months. Instead, be smart, and look through our list of summer travel tips to help you save money when you hit the road.
Read more: How to Save Money on Your Summer Vacation
If you’re playing too fast and loose with your money, a common way to curb your spending is to carry ___ so you get a better idea of how much money you’re burning through.
While it’s not necessarily a bad idea to haul around a checkbook with your account balances in it, it’s far easier to simply carry cash with you for non-essentials. Making your purchases in cash allows you to see how much money you have, and how much you’ve spent–when physical money starts to disappear from your wallet, it can have more of a psychological impact.
This country’s upcoming exodus from the European Union (E.U.)has been creating havoc in international financial markets.
The U.K. is set to leave the E.U., in what is being referred to as “Brexit”. Though U.K. citizens voted for Brexit more than two years ago, the process is ongoing. And Brexit is back in the news recently as British leaders unsuccessfully struggle to negotiate a plan for leaving the E.U., leaving U.K. Prime Minister Theresa May in a tight spot.
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*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.