Post-Test Results

Sample: 10 parents, 5 Tweens

  1. Preparing for future financial problems is a good idea.
  2. Parents:
  3. (9) Strongly Agree
  4. (1) Agree
  5. Tweens:
  6. (3) Strongly Agree
  7. (2) Agree
  8. Financial experts agree there is a certain percentage of one's wages that should be saved to maintain healthy finances. What is that percentage?
  9. Parents:
  10. (8) 12.5%
  11. (2) 30%
  12. Tweens:
  13. (3) 30%
  14. (2) 12.5%
  15. Jason receives a $200 monthly allowance from his parents to help cover his school expenses. He also works part-time and earns about $300 a month. Jason must spend $150 on rent and $100 on car insurance. If he budgets $55 for eating out, $45 for clothes, and $50 for everything else, how many months will it take for him to accumulate savings of $500.
  • Parents:
  • (9) 5 months
  • (1) 1 month
  • Tweens:
  • (4) 5 months
  • (1) 1 month
  1. Which of the following statements about 529 college savings plans is FALSE:
  • Parents:
  • (5) I may only contribute up to $100,000 in a 529 savings plan.
  • (4) I may invest in a 529 savings plan offered by any state, regardless of where I live.
  • (1) Money earned from a 529 savings plan may be used for both my kids’ education and my own education.
  • Tweens:
  • (4) I may only contribute up to $100,000 in a 529 savings plan.
  • (1) I may invest in a 529 savings plan offered by any state, regardless of where I live.
  1. Unlike a budget, a personal spending diary: (check all that apply)
  2. Parents:
  3. (10) records spending as it actually occurs
  4. (7) you reflect on your spending
  5. (2) outlines your spending limits starting with needs
  6. Tweens:
  7. (3) records spending as it actually occurs
  8. (3) you reflect on your spending
  9. How are you involved in your family financial decisions?
  • Parents:
  • I am the mom.
  • jointly with my husband--he does more long term--i do bills, and short term planning, bill paying
  • I pay our monthly bills. My husband and I make savings and investment decisions together.
  • Very involved.
  • I pay all the bills and purchase food etc.
  • I make a lot of the decisions
  • bill payments, investing, management
  • I pay monthly bills, track expenses, set aside savings, pay taxes, etc.
  • investment strategies
  • 100%
  • Tween:
  • (3) not involved
  • (2) no answer
  1. A budget helps you to
  2. Parents:
  3. (10 P) balance your income with your expenses
  4. Tweens:
  5. (4) balance your income with your expenses
  6. (1) buy everything you want
  7. Long-term planning should include: (check all that apply)
  8. Parents:
  9. (9) Saving for emergencies
  10. (9) Saving for “wants”
  11. (10) Saving for Retirement
  12. (9) Investing Strategy
  13. Tweens:
  14. (5) Saving for emergencies
  15. (4) Saving for “wants”
  16. (5) Saving for Retirement
  17. (3) Investing Strategy
  18. At what age is it appropriate to begin learning about saving?
  • Parents:
  • (6) As soon as kids are able to count (approx. 3-5 years old)
  • (3) Elementary School (approx. 6-11 years old)
  • (1) Middle School (approx. 12-14 years old)
  • Tweens:
  • (4) Middle School (approx. 12-14 years old)
  • (1) Elementary School (approx. 6-11 years old)
  1. Net income is also known as:
  2. Parents:
  3. (8) Take-home pay
  4. (1) What's left after you pay your bills
  5. (1) Taxable income
  6. Tweens:
  • (2) Take-home pay
  • (2) What's left after you pay your bills
  • Wages
  1. Your spending plan (family budget): (check all that apply)
  2. Parents:
  3. (9) should adjust to changes in income or expenses
  4. (6) contributes to your personal spending diary
  5. (8) helps you to determine limits before you spend
  6. Tweens:
  7. (4) should adjust to changes in income or expenses
  8. (3) should limit spending to needs and personal saving
  9. (3) contributes to your personal spending diary
  10. (2) helps you to determine limits before you spend
  11. Which of the following expenses are considered discretionary or flexible expenses? (Check all that apply.)
  12. Parents:
  13. (10) Eating out at an expensive restaurant
  14. (10) Concert tickets
  15. (10) Vacation expenses
  16. Tweens:
  17. (5) Eating out at an expensive restaurant
  18. (5) Concert ticksets
  19. (3) Vacation expenses
  20. In addition to vehicle payment, name two other vehicle related expenses that should be considered in your monthly budget? Fill in the blank.
  21. Parents:
  22. (8) insurance
  23. (7) gas
  24. (2) repair
  25. (5)maintenance
  26. (1) taxes
  27. Tweens:
  28. (4) insurance
  29. (1) repairs
  30. (1) new tires
  31. (3) gas
  32. Meredith has a monthly income of $200 per month and she gets a $250 speeding ticket so her monthly expenses are greater than her net income. Which are the best options for her to get her budget back on track? (Check all that are appropriate.)
  • Parents:
  • (10) Return a $60 expensive sweater she just bought
  • (9) Take on an extra shift at work to earn additional income
  • (3) Take money from her savings to pay for this unexpected expense
  • Tweens:
  • (5) Take on an extra shift at work to earn additional income
  • (3) Return a $60 expensive sweater she just bought
  • (1) Use a credit card to pay some of her expenses so she doesn’t have to pay right away