You should pay off your credit cards and student loans before you start an emergency savings account. © wavebreakmedia/Shutterstock.com

If you’re buying a home, bringing up children, advancing your career and trying to save for retirement all at the same time, there’s a good chance you’re a member of Generation X, born between 1965 and 1979 and now 35 to 49 years old.

If you’re in the Gen X age group, banking and investing accounts can help you reach your financial goals. But do you know how to use these accounts to your best advantage? Take this true-or-false quiz to find out.

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Next Question
Answer: False. It's important to pay off debt. But an emergency savings account, even a small one, should be a priority so you won't have to add more debt if you suffer a temporary disability, unemployment or other emergency.
Next Question Your emergency savings should be at least three months of income. © Marcio Jose Bastos Silva/Shutterstock.com
Answer: True. Three months' income should be a minimum. If you're self-employed or the only wage earner in your family, try to set aside six months or more.
Next Question You should fund your children's college accounts before your own retirement accounts. © Marie C. Fields/Shutterstock.com
Answer: False. Parents often want to help their kids pay for college. But you should put your own financial security first. Encourage your children to consider an affordable college, part-time employment and scholarships and grants to help finance their studies.
Next Question Teenagers are too young to have their own checking or savings account. © Piotr Marcinski/Shutterstock.com
Answer: False. Many banks offer junior accounts designed to help teenagers learn how to make a deposit or payment and perform other banking transactions. Young people should also know how to balance a checkbook and avoid fees.
Next Question If you don't opt in to overdraft protection, you'll never get hit with an overdraft fee. © John Kwan/Shutterstock.com
Answer: False. If you don't opt in to overdraft protection, your bank will decline payment for debit card and ATM transactions if you don't have enough money in your account. But the new rules do not cover checks or automatic bill payments.
Next Question Using credit responsibly is the best way to improve your credit score. © Duncan Anderson/Shutterstock.com
Answer: True. Your credit score is a measure of whether you pay your bills on time. If your score has been impaired by unpaid debts or late payments, you can boost it over time by being responsible about credit.
Next Question The best way to avoid risk in your investment accounts is to keep all your money in certificates of deposit. © Mark Carrel/Shutterstock.com
Answer: False. CDs protect you from loss of principal. But they don't protect you from inflation, which reduces the purchasing power of your money over time.
Next Question Penny stocks, or securities issued by small companies that trade at less than $5 per share, are a smart investment for most people because they're cheap. © Jakub Krechowicz/Shutterstock.com
Answer: False. Penny stocks are highly speculative. These stocks aren't an appropriate investment for most people.
Next Question A five-star or other high rating means a mutual fund is guaranteed to perform well. © Mmaxer/Shutterstock.com
Answer: False. Most ratings are based in part or in whole on a fund's past performance, which is no guarantee of how well that fund will perform in the future. Smart investors look beyond the stars.
Next Question All checking accounts have monthly fees and it's impossible to avoid them. © JohnKwan/Shutterstock.com
Answer: False. Most bank checking accounts involve fees, but some banks will waive them if you maintain a minimum balance or sign up for direct deposit. Some credit unions offer free or low-cost checking accounts.