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Chapter 2 Savings Flashcards | StudBud
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Chapter 2 Savings
Chapter 2 Savings
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#Dave #Savings Dave Ramsey Chapter 2 Savings
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is the Third Foundation
Build Wealth and Give
Pay cash for your car
Save a $500 emergency fund
Get out of Debt
2
What is Compound interest
is the money the original amount invested earns
The future Value
the original amount invested
is interest paid on interest previously earned
3
Debt _____ solves problems
might
can sometimes
Never
Always
4
What is the Fifth Foundation
Never use Credit
Get out of Debt
Build Wealth and Give
Save a $500 Emergency fund
5
You should only use Emergency funds for ______
Entertainment
Emergencies
charity
new clothes
6
Three First Foundations basically are pointless.
False
True
7
What is the Second Foundation
Get out of Debt
Pay cash for College
Pay cash for your car
Save a $500 emergency fund
8
An emergency fund allows you to have money available for any surprise ______
expenses
emails
pay checks
expenzes
9
What are the 3 Basic reasons to save money
Emergency Fund, Purchases, Charity Money
surprise expenses, budgets, borrowing
Emergency Fund, Purchases, Wealth Building
Emergency Fund, Purchases, surprise expenses
10
You should keep your Emergency fund in a ______ savings account?
more expensive
friends or familys
separate
larger
11
What is a Sinking Fund
money you receive if a family member drowns in the sea
a way to save when you have a large purchase coming up
a loan banks provide with little interest
loans that banks provide with large interests
12
What is the First Foundation
Get out of Debt
Save a $500 Emergency Fund
Build wealth and Give
Pay cash for college
13
Instead of _____ to purchase, pay cash using a ____ fund
Emergency, Sinking
Borrowing, Sinking
Borrowing, Emergency
Sinking, Borrowing
14
in which year did Americans save 5.5% of income
2000
2010
2019
2008
15
The emergency fund is your _____ saving priority
Fourth
Third
Second
First
16
What is the Fourth Foundation
Pay cash for your car
Save a $500 Emergency Fund
Pay cash for College
Raise your kids to be wealthy
17
Building Wealth is a _____, not a sprint
sprint
gift
marathon
obligation
18
______ is the key ingredient when it comes to wealth building
Discipline
Financial Literacy
Money
Knowledge
19
What is the formula used to calculate compound interest
Y=mx+b
L+3=Pi
FV=PV(1+r/m)^mt
V=AH
20
The third thing you save money is for building_______
a business
a machine
debt
wealth
