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Chapter 1 Review - Ramsey Classroom Flashcards | StudBud
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Chapter 1 Review - Ramsey Classroom
Chapter 1 Review - Ramsey Classroom
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Chapter 1 Review for Post Test in Ramsey Classroom
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
Personal financial success is primarily the result of:
Inheriting money
Generous welfare and unemployment programs
Managing your money behavior
Winning the lottery
2
You are either only a natural saver or a natural spender. You cannot have a balance of both.
False
True
3
What is The First Foundation?
Save a $500 emergency fund
Pay cash for college
Open a checking account
Build wealth and give
4
It is possible to pay for college with cash
False
True
5
Being a spender has many more positives than being a saver
True
False
6
Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal
False
True
7
Savers have a tendency to be...
Strict with what they spend except for groceries
Strict with their money and not spend any of it
Strict with purchases but spend money without a plan
Strict with purchases for only themselves
8
List the 2nd of the Five Foundations.
Pay cash for a car
Pay cash for college
Get out of debt
Build wealth and give.
9
You should always make sure you have a
Credit Card
Budget
Direct deposit
Credit line
10
What is the purpose of the Five Foundations?
to spend all your money
to make sure you have money for friends
for banking information
framework for financial success
11
Making the right choices with your money-managing your money-involves knowing how.......
Planning, saving, spending,& investing will define your financial portfolio
To make bank deposits using registers with the appropriate transactions
Consumer decisions will affect your accounts
Earning, budgeting, saving, spending, and giving affect your money
12
Using credit has not always been a socially accepted practice, but it has become ...
A practice used by the wealthy
Less acceptable
Necessary for life in America
Normal in American culture
13
What is Personal Financial Planning?
all of the financial issues that can affect an individual
the financial issues involved in spending within a budget
all of the financial issues involved in saving money
all of the financial issues involved in borrowing money
14
Name the 4th of the Five Foundations.
Build wealth and give.
$500 emergency fund.
Pay cash for a car
Pay cash for college.
15
What is the best way to avoid running out of money too quickly?
invest in college
put your money in a safe place, like a bank and dont spend it
Avoid making any purchases for the next 30 days
make it a habit to plan and set goals for your money
16
Almost half of all Americans report having less than _____________in savings.
$5,000
$500
$1000
$10,000
17
Personal Finance is all about... (choose best response)
Investments
Not spending
Managing Money Decisions
Getting Rich
18
Name the 3rd of the Five Foundations.
Pay cash for college.
Build wealth and give.
Pay cash for a car.
Save $500 for emergency fund.
19
To know your net worth, subtract your liabilities from your
Net Income
Assets
Previous net worth
Other liabilities
20
What is financial Literacy?
basic financial knowledge
That class taught by Jones & Hutch
boring....
money reading
21
A money principle to keep in mind is to live on _____ you make.
Exactly 20% below what
the same as
more than
less than
22
Personal Finance is ....
Letting people see you wop.
Making it rain.
50% behavior & 50% knowledge
80% behavior & 20% knowledge
23
To gain an understanding of your personal finances you should know
How much you have
Your financial goals
Your investment portfolio and your financial advisor's contact information
Where you stand financially, how much income you have, and your goals
24
The percentage of Americans who are living paycheck to paycheck is almost ...
90%
80%
60%
70%
