Quiz: Personal Finance 101

CDs have a lot to offer safety- and yield-conscious savers. As you know, they’re good for people looking for maximum yields, but who won’t need their cash unexpectedly. The longer you commit your money—and, in some cases, the more money you commit—the more you earn. Renewing may be a good option if you realize that you likely won’t need the funds sooner. But if interest rates rose since you first invested, you may want to shop for better rates and terms. To refresh your knowledge, read Personal Finance 101: Certificates of Deposit.

Many financial experts recommend saving as much as you typically spend during three to six months. But your own circumstances may impact that goal. For example, dual-income households may be able to get by with less because their household income is persified, while those in single-income households may want to earmark even more. And if you have children or other dependents who rely on you financially, you’ll want to make sure you factor those costs into your savings plan as well. To refresh your knowledge, read Personal Finance 101: Emergency Funds.

Behold the magic of compounding! A 20-year-old who saves $200 a month until retirement would have around $1,055,000 at age 65. That's not bad for less than the monthly cost of several takeout meals. If you wait until age 30 and kick in $400 a month, that number drops to about $918,000. A 50-year-old contributing $1,500 a month would accumulate only $519,000 by retirement. Compounding is a powerful incentive to save early and often. Each year, your money can earn interest on both the original amount and the interest earned from the year before. More years equals more interest, and more interest means faster asset growth—and an easier route to reaching $1 million. To refresh your knowledge, read Personal Finance 101: Compound Interest.

Interest rates on fixed-rate loans are typically higher than the beginning rates for variable loans. A variable-rate loan may charge lower interest in the near term, but that could rise down the road. With a fixed-rate loan, on the other hand, the appeal of stability comes at a price. To refresh your knowledge, read Personal Finance 101: Loans.

Your joint account is insured for $500,000. That includes $250,000 worth of coverage for you and $250,000 worth of coverage for your spouse. Your inpidual account is also insured up to an additional $250,000. To refresh your knowledge, read Personal Finance 101: FDIC Insurance.

When prices for fixed expenses (such as your taxes) change or priorities shift a bit (such as your plan to add more to retirement savings), it’s a good idea to revisit your budget and adjust accordingly. To refresh your knowledge, read Personal Finance 101: Budgeting Basics.

Before. Your traditional 401(k) contributions are made before taxes, reducing the amount of income Uncle Sam can take. Because 401(k)s are tax-deferred investment plans, you don't pay taxes on contributions or earnings now, but you will have to pay when you withdraw your money in retirement. If your employer offers a Roth 401(k) and you contribute, you put in after-tax dollars, but all earnings come out tax-free in retirement, as long as you are at least 59½. To refresh your knowledge, read Personal Finance 101: Employer Retirement Plans.

True. Any taxpayer can do it—even teenagers with earned income. What's more, there's no maximum age limit for contributing to a Roth IRA. As long as you have earned income that’s within the current year’s IRS limits (or a spouse who earns income), you can put money into a Roth. To refresh your knowledge, read Personal Finance 101: IRAs.

A credit score in the mid-700s usually will allow you to qualify for better rates (20% of adults have scores from 750 to 799). This numerical summary of how much you owe and how promptly you pay your bills affects not only your ability to get a loan—and at what interest rate—but also can play a role in how much you'll pay for insurance. To refresh your knowledge, read Personal Finance 101: Credit Scores.