stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Chapter 1 review Flashcards | StudBud
Explore
/
Chapter 1 review
Chapter 1 review
52 terms
·
StudBud Administration
·
94 plays
Dave Ramsey Personal Finance Chapter 1 review
Flashcards
52 cards
F
Practice quiz
P
Host live
L
Questions
52
Answers
1
An example of an Expense is
Retirement account
Bills
Income
Interest earn
2
You should always have a ___________ for your money
Escape
Flower
Loan
Plan
3
Teens finacial worries do NOT include
Having too much money.
How to pay for college
How to pay taxes
How to live independently
4
Live on _________ than you make
Less
More
Same
The money
5
A Financial plan includes short term and long term goals.
True
False
6
Positive net worth is when you OWN more than you OWE
False
True
7
A Budget is a ___________________ for your money
An impulsive use
Not needed
An accountant
A written plan
8
You can either Pay interest for debt or Earn Interest on investments.
False
True
9
Interest Rate is
The money you pay to borrow money
The money you earn from a Credit card purchase
A small fee
Something you are interested in.
10
To win with Money you need a finacial plan.
True
False
11
100 years ago American society thought Debt was _________________
An everyday thing
A necessary evil
Unacceptable
Natural and part of life
12
American's have become comfortable with DEBT
False
True
13
It is better to wait until later to "learn to manage your money"
True
False
14
What does the Expression "Living Paycheck to Paycheck" mean?
Having too much money at the end of the month.
Winning the Lottery
Having lots of free money
100% of income goes to expenses (No savings)
15
Two Measures of Wealth are :
number of credit cards
Taxes and Insurance
Investments and Debt
Income and Networth
16
The "New Deal" was
A program created to promote Economic recovery after the crash of 1929.
A deal with the bank to get a loan
A New negotiated loan
A deal that committed to no debt.
17
Personal Finance is:
50% knowledge and 50% wisdom
80% Behavior/20% head knowledge
75% having rich parents / 25% hard work
100% not useful
18
Almost 1/2 of American have less than $1000 in savings.
False
True
19
You should always be _______________
Mean
Impulsive
Generous
Stingy
20
The person responsible for your financial problems is YOU!
True
False
21
You should pay for college using
Credit Cards
Cash or scholarships
Student Loans
Just don't go
22
Changing your financial Behavior and Mindset will benefit your financial future
False
True
23
What is a Loan Shark
Someone who lets you borrow money with no fees
A loan as big as a shark
A shark on loan to an aquarium
Someone who charges really HIGH-interest rates on borrowed money
24
You "Win with Money" by avoiding financial Mistakes
False
True
25
Avoiding debt will give _________
Save you money
You peace of mind
All of them
more financial freedom
26
Debt doesn't open doors. It closes them
False
True
27
What is Debt
The money you will be paid from work.
Money owed to another person or company
Money owed to you
Money in your bank account
28
You should get out of debt and then get back into debt again
False
True
29
Financial Literacy Does NOT mean
Being able to read Financial text books.
Management of Finances
Skills in Finances
Knowledge of Finances
30
You are in charge of ________________
Your behavior with Money
All of the above
Your Money
Your attitude about Money
31
You should buy a car using
Car loan
Title loans
Bank loan
Cash
32
Stay away from _______________.
Debt
Investments
working
Savings
33
A Liabilty is:
Money you owe to others
Investments
Income
Savings account
34
You want your Net Worth to be negative
False
True
35
An asset is
Stuff kept behind the shed
Stuff you stole
Stuff you own, Investments and Cash
Loans and Debt
36
America has a huge ____________________ problem
Excess Money
DEBT
Deflation
TAX
37
What is a Consumer
Unusable Trash
A person who buy's things
An animal who eats others
A person who consumes plastics
38
83% of Americans don't use Credit cards?
False
True
39
What is Personal Finance
The amount of money on a person.
It is a private matter, don't ask.
A plan that is the same for everyone.
The sum of financial decisions you or your family make
40
Americans have a problem with...
All of the above
Buying too much stuff
Lack of savings
Instant gratification
41
Negative Net worth is when you have more debt than assets
True
False
42
"You will either Manage your money or the lack of it will manage you."
False
True
43
Have a minimum of _______ for an emergy savings
$100
$500
$100,000
$50
44
Net Worth is
Your debt
The value of a net
What you own minus what you owe
How much you value yourself
45
Generosity means you give more than is expected
False
True
46
Having a credit card, is required in adult life
False
True
47
Every person should have a ________________ account
Bank
Savings
Home equity
Credit card
48
Credit is
100% Required to use
Something you can't live without.
Getting loans for purchases
Free Money
49
It is wisest to take out student loans to pay for college
False
True
50
Net Income is
Money Earned minus taxes, insurance, and other fees.
Money paid per hour.
Your contracted amount of income.
The amount of income you can catch in a net.
51
Goals should NOT be
Specific
Unwritten/unspoken
Measurable
Timebound
52
It is hard to have ______________ with money
a plan
an abundance
impulsive purchases
Self-control
