Plan college savings with a 529 account: test your skills
Tax-free college savings that compound for years — and you control what happens if plans change. Answer each question to see the explanation; your score appears at the end.
This test checks that you can
- Explain how a 529 plan works
- Check your state tax benefit
- Plan with the thirds framework
- Practice
1. Must you use your own state’s 529?
- Practice
2. If your child gets a scholarship you can usually…
- Practice
3. The “thirds” idea suggests funding college from…
- Key idea
4. Which statement best explains "Small and early compounds"?
- Key idea
5. Which statement best explains "You stay in control"?
- Key idea
6. Which statement best explains "Do not fund 100% alone"?
- Action plan
7. In the action plan, which step comes first?
- Mistake to avoid
8. Which of these is a mistake this lesson warns against?
- Mistake to avoid
9. Which of these is a mistake this lesson warns against?
You save $150 a month from birth to age 18. How much do you contribute in total?
Show the answer
$32,400
$150 × 12 × 18 = $32,400, before any growth.
Look up whether your state offers a tax benefit for 529 contributions.
More tests in this bootcamp
- Compare term and whole life insurance by the need
- Understand how disability insurance protects income
- See where umbrella liability insurance fits
- Understand what a will and living trust each do
- Choose who can act with powers of attorney
- Plan college savings with a 529 account
- Teach money skills with small choices and visible goals
- Final exam: Protection and estate planning