Can You Pass News 8's Personal Finance Test?

WGAL.com

News 8's

Janelle Stelson

is doing a special series of reports on personal finances. As part of her series, she'll be going over the questions posted below -- we're calling this News 8's Personal Finance Test.

The idea is to

print a copy of this test

and bring it with you to the TV for each of Janelle's reports. Different questions will be covered each night. Fill out the quiz beforehand, then tune in to see how you did. The first report airs at 11 p.m. on Monday, Nov. 16.

Budget Questions

1. You should not exceed what percentage of your gross income for rent/mortgage:

A. 20%

B. 25%

C. 36%

D. 43%

2. If you own a home -- and plan to stay in that home -- which mortgage is best?

A. 15 year

B. 20 year

C. 30 year

D. Adjustable

Credit Questions

3. What is considered a perfect credit score?

A. 100

B. 500

C. 760

D. 900

4. If you have saved 5,000 dollars, you should:

A. Invest in gold or some other hot commodity

B. Pay off credit card debt

C. Put it in your 401K

D. Keep it in your savings account

Savings Questions

5. In this recession, how much of your salary should you save every month?

A. None

B. 3%

C. 5%

D. 10%

6. What amount of your savings should be "liquid" (meaning you can get it at any time, with no penalty)

A. 3 months salary

B. 6 months salary

C. 8 months salary

D. 1 year salary

Investing Questions

7. How much of your salary should you put in your 401k?

A. None, I can invest it more wisely on my own

B. 3%

C. As much as your company can match

D. 10%

8. If you have saved up some money to invest, it is best to buy the following:

A. Stocks

B. Bonds

C. Mutual funds

D. Nothing. Hide it in a safe place until the market improves.

Again, here's a look at when Janelle's reports will air:

Part 1: Monday, 11 p.m.
Part 2: Tuesday, 11 p.m.
Part 3: Wednesday, 11 p.m.
Part 4: Thursday, 11 p.m.

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