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Duplicate of Foundations in Personal Finance Chapter 1 Flashcards | StudBud
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Duplicate of Foundations in Personal Finance Chapter 1
Duplicate of Foundations in Personal Finance Chapter 1
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A #personalfinance quiz to review #foundationsinpersonalfinance for #highschool
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Expensive houses and new cars are a true indication of wealth
False
True
2
A fee paid by a borrower to the lender for the use of borrowed money
Debt
Personal Finance
Loan
Interest
3
Which of the following is not a reason credit is marketed so heavily to consumers in the US
There is strong demand for big tickets items
The use of credit is not socially accepted in the US
After WWI, credit laws in the US were relaxed
The credit industry has become extremely profitable
4
When it comes to personal finance, the math is easy. What's challenging is managing your _____.
Income
Bank Account
Behavior
Friends
5
The knowledge and skillset necessary to be an informed consumer and manage finances effectively
Personal Finance
Consumer
Financial Literacy
Interest
6
A system by which goods and services are produced and distributed
Financial Literacy
Personal Finance
Credit
Economy
7
All of the decisions and activities of an individual or family regarding their money
Personal Finance
Economy
Consumer
Financial Literacy
8
When it comes to managing money, success is about _____% head knowledge and _____% behavior.
20, 80
80, 20
60, 40
50, 50
9
An obligation of repayment owed by one party to a second party
Debt
Economy
Consumer
Credit
10
During the Great Depression New Deal policy makers came up with policies to convince banks that
Consumer credit could be profitable
Consumer credit wasn't a profitable industry
Consumers would not be willing to use credit
They would not be able to compete with loan sharks
11
Most Americans avoid using credit when it comes to buying big-ticket items like a car or home
True
False
12
What teenagers do with their money now has little effect on their financial futures
True
False
13
Most Americans today are wealthy and will have financial security when they retire.
True
False
14
Having debt keeps you from building wealth
False
True
15
Everyone should have the same financial plan
True
False
16
Learning the language of money isn't important because you can depend on financial planners
True
False
17
The granting of a loan and the creation of a debt; any form of deferred payment
Personal Finance
Economy
Credit
Loan
18
True financial security is achieved when your money begins to generate an income
True
False
19
A person or organization that buys/uses goods or services
Credit
Loan
Consumer
Financial Literacy
20
A debt shown by a "note" which specifies the principal amount, interest rate & repayment date
Debt
Loan
Credit
Interest
