Finance Fun Facts
1. If you invest 10,000 dollars it can compound to $175,000 in 30 years, so it’s important to start investing early!
2. When making an investment, the “Rule of 72” can help you understand the amount of time it will take for it to double: you divide 72 by the expected rate of return to estimate how many years it’ll take to double the original amount
3. If you earn money from investing, you only have to pay taxes on the capital gains, or the amount that you earned, not what you started with.
4. Warren Buffet started investing at only 11, and his current net worth is over 100 billion.
5. The name for Wall Street was based on a legend of a Dutch defensive wall in Manhattan to ward off pirates and British threats in the 17th century.
6. The Dow Jones industrial average stock index (or group of stocks meeting certain criteria) was named after Charles Dow and Edward Jones.
7. Alexander Hamilton believed, “A national debt, if not excessive, will be to us a national blessing. It will be a powerful cement of our Union.” This was because he knew if other countries had a vested interest in the U.S., it would help protect our interests in foreign policy.
8. There’s more money printed for the board game Monopoly than actual cash every year!
9. 92% of the world’s currency is digital, such as in checking and savings accounts.
10. In August 1966, the $2 note, with Thomas Jefferson on it, was discontinued.
Personal Finance Quiz
1. What is the biggest expense in the average person's budget?
2. Which of these is NOT one of the factors that affect your credit score?
A: Payment History
B: Interest Rate
3. Which of these statements about saving is true?
A: Save is only for long term goals
B: Saving money each month prepares you for future
4. What is a bear market?
A: Stock Prices Falling
B: Stock Prices Rising
5. If you get hired as an employee, your paycheck should...
A: Have taxes automatically accounted for
B: Not cover the taxes portion
6. What does FDIC insured mean?
A: A bank will owe you $250k
B: Federal gov will repay deposits up to $250k if bank fails
7. What is one aspect of interest?
A: A fee that banks pay to you if you take a loan
B: A fee you pay to banks upon taking a loan
8. Which of these is NOT a fee that might be charged on a checking account?
A: Withdrawls fee
B: Overdraft fee
9. What is an insurance premium?
A: Amount given to you by Insurer
B: Amount you pay each month to keep policy active
10. Finally, you're shopping for new clothes and see that all jeans and shorts are 25% off. How much will you spend if you buy one pair of jeans that's normally $36 and one pair of shorts that's normally $20?
A: $42 without tax
B: $41 without tax
Answers 1-10: B B B A A B B A B A