Chapter 1 Test Review

Personal finance is 20% _____ and 80% _______.

What is the first foundation?

A money principle to keep in mind is to live on ______ you make.

Using credit has not always been a socially accepted practice, but it has become . . .

Avoiding debt can lead to financial freedom and hope.

What are The Five Foundations?

The use of credit in America has _____ over tme.

Your money personality impacts . . .

After World War I, the demand for products increased, and people began getting credit. Because of this, credit…

If your assets total more than your liabilities, you will have a(n) ______ net worth.

It is possible to pay for college with cash.

When you set financial goals, they should be . . .

_______ is/are a fee charged for using borrowed money for a purchase.

What is The Fifth Foundation?

To know your net worth, subtract your liabilities from your _______ .

What does living paycheck to paycheck mean?

What is financial literacy?

You should always make sure you have a.....

An important money principle to consider is that you should _______ and _______ your money

You are either only a natural saver or a natural spender. You cannot have a balance of both.

Personal finance is all the financial decisions a(n) ________ must make.