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The Ultimate Save-or-Spend Quiz
by Staff
During an economic crisis hundreds of thousands of people may be homeless, without jobs and deep in debt. However, there are still many people who earn enough to save and spend within their means. How can those more fortunate contribute to saving their country from economic ruin?

What is the cause of the current worldwide financial crisis?

  • buying homes above our means
  • spending money on credit
  • both of the above

What percentage of Americans have decreased their spending or changed their investment plans in recent years?

  • 36 percent
  • 56 percent
  • 86 percent

What message is the American government sending to its people?

  • “Save, save, save!”
  • “Spend, spend, spend!”
  • “Save and spend!”

What the rule of thumb when grocery shopping on a budget?

  • Buy unprocessed food.
  • Buy unprepared food.
  • both of the above

What is the economic concern with saving money during an financial crisis?

  • loss of jobs
  • poor interest rates
  • both of the above

What is the paradox of thrift?

  • Spending leads to personal debt, but improves the economic situation.
  • Saving decreases personal debt, but perpetuates an economic crisis.
  • both of the above

Why did both the Bush and Obama administrations provide big tax rebates to its citizens when there was a looming economic crisis?

  • to avoid public panic
  • to increase spending
  • both of the above

How much was the average American saving in 2005?

  • below 1 percent
  • 1 to 5 percent
  • 5 to 10 percent

What was the average savings rate in the United States in 2009?

  • below 1 percent
  • 1 to 5 percent
  • 5 to 10 percent

Who should spend during an economic crisis?

  • everyone
  • only those not in debt
  • only those who are employed

During an economic crisis, those that can spend, should “spend to save.” What does this mean?

  • Invest in stocks and bonds.
  • Buy products that help you save money.
  • both of the above

How do most millionaires live in the United States?

  • They have massive earnings and savings, living in luxury.
  • They have massive earnings and savings, living in modesty.
  • They have modest earnings but live well below their means.

Why does putting money into the bank help with the economic crisis?

  • It gives money to the banks .
  • It takes money away from creditors.
  • both of the above

Why should the term “paradox of thrift” be renamed to “paradox of hoarding”?

  • Being thrifty involves spending wisely and helps, rather than weakens, the economy.
  • Taking money out of circulation by stashing it in your house is detrimental to the economy.
  • both of the above

What are banks doing with their billions of dollars in government bailouts?

  • keeping it
  • slowly lending money again
  • quickly lending money again

In 2009, what was the unemployment rate in the United States?

  • 3.5 percent
  • 6.5 percent
  • 9.5 percent

What should you do with your money if you have debt?

  • Create an emergency fund.
  • Pay off debt.
  • both of the above

According to a recent survey, what percentage of respondents believed that Americans will eventually return to their old spending habits of living beyond their means?

  • 25 percent
  • 50 percent
  • 75 percent

Out of 46 financial professionals, how many believe that the American population has reached a new economic era?

  • 23 professionals
  • 33 professionals
  • 43 professionals

What money-saving supermarket products should you buy when you're on a tight budget?

  • Buy in bulk.
  • Buy smaller potatoes in a bag rather than large individual potatoes.
  • both of the above