According to Jim Rohn, what is the primary driver of change in a person’s life?

Personal decisions and discipline

Which strategy can help investors minimize risks during a bubble and bust cycle?

Diversifying their portfolio across various assets

What is one key strategy for investing in a Roth IRA?

Dollar-cost averaging over time

What does Atomic Habits suggest is the key to lasting behavior change?

Focusing on identity-based habits

In Robbins’ teaching, what happens when you live in a state of gratitude?

You appreciate the present moment and abundance

Which of the following is a benefit of investing in quality companies during a bubble?

They are less likely to experience extreme volatility

What is a characteristic of payday loans

High fees and short repayment periods

What is the concept of paying yourself first

Setting aside a portion of income for savings before any other expenses

What is the core message of Atomic Habits?

Small habits compound over time to produce big results

Why is a home inspection important?

To identify potential issues with the property

What does Robbins describe as The Art of Fulfillment?

Creating meaning and purpose in life

How can media influence contribute to market bubbles?

By amplifying trends and encouraging speculative behavior

What is a common behavior among investors at the peak of a market bubble?

Fear of Missing Out (FOMO) leading them to buy more

What is the primary benefit of house hacking?

Earning passive income to reduce or eliminate housing costs

What is the primary purpose of the FAFSA?

To determine eligibility for federal student aid

What is the main advantage of term life insurance?

It has lower premiums than other types of life insurance

What is predatory lending

Offering loans with unfair or deceptive terms that exploit the borrower

How can compound interest impact Roth IRA investments?

It amplifies growth over time by reinvesting earnings

Which example best represents "making it obvious" when trying to form a habit?

Leaving your workout clothes visible for a morning run

What is the primary purpose of life insurance?

To provide financial protection for your loved ones after your death

A retirement account with pre-tax contributions and grows tax free

What is a characteristic feature of a traditional bank

Physical branch locations for in-person banking services

Why might a mortgage lender require homeowners insurance?

To protect their financial investment in the property

Why is educating oneself on market trends important as an investor?

It aids in recognizing signs of a bubble and making informed decisions

What is the primary goal of travel hacking?

To earn and use points or miles for free or discounted travel

What is earnest money?

A deposit made to show a buyer's serious intent to purchase a property

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Final Review

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Questions 92

Answers

1
What form of housing loses value
Condo
Single Family Home
Mobile Home
Townhouse
2
What happens to earnings in a Roth IRA if you withdraw before meeting the 5-year rule?
Taxed and penalized
Tax-free but penalized
No penalty, no tax
Only penalized, no taxes
3
Which of the following is NOT a type of investment account
Certificate of Deposit (CD)
IRA
401k
Savings account
4
What is the ticker symbol for Fidelity’s S&P 500 Index Fund?
APPL
T
VZ
FXAIX
5
According to Jim Rohn, what is the primary driver of change in a person’s life?
External circumstances
Personal decisions and discipline
Inherited wealth
Government policies
6
If attending a University when should you apply to maximize all opportunity
Mar-26
Oct-25
July/Aug 2025
Jan-26
7
Which strategy can help investors minimize risks during a bubble and bust cycle?
Ignoring economic indicators
Investing solely in stocks
Diversifying their portfolio across various assets
Buying assets only at their peak
8
What is one key strategy for investing in a Roth IRA?
Withdraw earnings frequently
Monitor the market daily
Dollar-cost averaging over time
Invest all funds in high-risk stocks
9
What Budgeting App is Recommend
Credit Karma
Chase
Monarch
Bye Bye Budget
10
What does Atomic Habits suggest is the key to lasting behavior change?
Setting rigid goals
Changing your environment
Focusing on identity-based habits
Relying solely on willpower
11
In Robbins’ teaching, what happens when you live in a state of gratitude?
You attract negativity
You appreciate the present moment and abundance
You become careless with goals
You focus on what’s missing
12
Which of the following is a benefit of investing in quality companies during a bubble?
They provide higher returns during the bust
They prevent market crashes entirely
Quality companies guarantee no loss during a market bust
They are less likely to experience extreme volatility
13
What is a characteristic of payday loans
Long repayment periods
Government regulation to protect borrowers
Low interest rates
High fees and short repayment periods
14
What is the first step in buying a house?
Touring potential homes
Saving for a down payment
Securing a mortgage pre-approval
Hiring a real estate agent
15
What is the concept of paying yourself first
Investing in high-risk assets before safer options
Paying off debt as the first financial priority
Spending money on personal indulgences
Setting aside a portion of income for savings before any other expenses
16
What is the core message of Atomic Habits?
Motivation is the key to success
Success comes from big changes
Small habits compound over time to produce big results
Avoid changing habits
17
What Core GPA is the minimum to get accepted into a university.
3
2
3.25
2.5
18
Why is a home inspection important?
To assess neighborhood amenities
To identify potential issues with the property
To verify the home’s market value
To speed up the closing process
19
What is the most important factor to consider when choosing a mortgage lender?
How quickly the loan is approved
The lender’s location
The number of homes they’ve financed
The interest rate and fees
20
What does Robbins describe as The Art of Fulfillment?
Financial success
Winning competitions
Achieving every goal
Creating meaning and purpose in life
21
How can media influence contribute to market bubbles?
By focusing on long-term investment fundamentals
By discouraging investor speculation
By amplifying trends and encouraging speculative behavior
By stabilizing prices during times of uncertainty
22
What type of account is employer-sponsored and may include matching contributions?
Traditional IRA
401(k)
Roth IRA
Brokerage Account
23
What is a common behavior among investors at the peak of a market bubble?
Avoiding high-risk investments
Investing based on the fundamental value of assets
Fear of Missing Out (FOMO) leading them to buy more
Selling off all assets
24
Which of the follow factors is NOT typically considered when determining your credit score
Length of credit history
Income level
Types of loans used
Credit utilization ratio
25
Which type of auto insurance covers damage to your car caused by non-collision events like theft or natural disasters?
Comprehensive coverage
Liability coverage
Collision coverage
Personal injury protection
26
When is the best time to purchase life insurance?
When you have dependents
Only if you have pre-existing health conditions
After retirement
Once you have saved enough money for premiums
27
Which of the following is a benefit of owning a franchise?
No upfront financial requirements
Established brand recognition
Guaranteed profits
Complete creative freedom over the business model
28
What is the primary benefit of house hacking?
Quick property resale
Earning passive income to reduce or eliminate housing costs
Increasing home equity rapidly
Avoiding mortgage payments altogether
29
What is the primary purpose of the FAFSA?
To apply for scholarships
To determine eligibility for federal student aid
To compare different colleges
To register for college courses
30
Which of the following is NOT a factor that influences your credit score
Credit utilization ration
Length of credit history
Gender
Payment history
31
What is the main advantage of term life insurance?
It provides lifetime coverage
It automatically renews annually
It accumulates cash value
It has lower premiums than other types of life insurance
32
What is predatory lending
Providing loans with low-interest rates and favorable terms
Lending money to friends or family without expecting repayment
Offering loans with unfair or deceptive terms that exploit the borrower
Investing in high-risk financial products
33
When should you start saving for retirement?
After you pay off all debt
When you receive your first promotion
As early as possible
Only after purchasing a home
34
How can compound interest impact Roth IRA investments?
It reduces the need for contributions
It minimizes taxes on withdrawals
It amplifies growth over time by reinvesting earnings
It only applies to individual stock investments
35
Which type of life insurance provides coverage for a specific period?
Whole life insurance
Term life insurance
Variable life insurance
Universal life insurance
36
Which event is typically not covered by a standard homeowners insurance policy?
Fire damage
Theft
Hail damage
Flooding
37
Which type of investment fund tracks the performance of the S&P 500?
Individual Stock
Mutual fund
Bond fund
Index Funds
38
Which example best represents "making it obvious" when trying to form a habit?
Telling friends about your goals
Leaving your workout clothes visible for a morning run
Setting an alarm for habit tracking
Rewarding yourself after completing a task
39
When should Arizona high school seniors submit the FAFSA to maximize all opportunity
Oct-25
Dec-25
May-26
Janurary 2026
40
What is the primary purpose of life insurance?
To cover medical expenses
To build wealth over time
To provide financial protection for your loved ones after your death
To fund your retirement
41
How much Life Insurance should you purchase
5X Income
10X Income
15X Income
2X Income
42
How much of your monthly income is it generally advised to go toward your mortgage?
15%
40%
25%
50%
43
What is a Roth IRA?
A savings account with no contribution limits
A retirement account with pre-tax contributions and grows tax free
A retirement account with after tax contributions
An employer-sponsored retirement plan
44
Which of the following is NOT considered an appropriate use for an emergency fund
Paying for a vacation
Covering medical expenses not covered by insurance
Repairing a broken-down car
Replacing a broken appliance in your home
45
Which psychological factor contributes to the formation of a market bubble?
Diversification of investments
Low interest rates
Fear and greed among investors
Positive media coverage
46
What is a characteristic feature of a traditional bank
Physical branch locations for in-person banking services
Limited government oversight and regulation
Exclusively online banking services without brick-and-mortar locations
Membership-based ownership structure
47
Why might a mortgage lender require homeowners insurance?
To ensure property taxes are paid
To decrease your interest rate
To protect their financial investment in the property
To increase the value of the home
48
Why is educating oneself on market trends important as an investor?
It aids in recognizing signs of a bubble and making informed decisions
It helps avoid any losses entirely
It ensures higher returns regardless of the market cycle
It eliminates the need for portfolio diversification
49
What is the typical percentage of income replaced by long-term disability insurance?
10-15%
100%
25-30%
50-60%
50
What is the primary goal of travel hacking?
To find the cheapest vacation destinations
To avoid paying for travel insurance
To book last-minute deals on flights
To earn and use points or miles for free or discounted travel
51
What is earnest money?
A penalty for breaking a purchase agreement
A fee paid to a real estate agent
A deposit made to show a buyer's serious intent to purchase a property
A down payment for a home purchase
52
What is the 2024 income limit for contributing to a Roth IRA if filing as single?
$103,000
No limit
$128,000
$153,000
53
What is the percent of money can you take from your retirement account and never run out of money
5%
25%
4%
15%
54
How long should you be prepared to live in a house before purchasing it?
2 Years
1 Year
15 Years
5 Years
55
When can you withdraw Roth IRA earnings tax-free?
After age 59½ and holding the account for 5+ years
Never
Only after age 65
At any time
56
Which of the following is a key advantage of a sole proprietorship?
Shared decision-making
Access to venture capital.
Ease of setup and low cost
Limited liability for the owner
57
What unweighted GPA is require to get the presidential scholarship through Maricopa County
2.5
2
3
3.25
58
Which of the following is NOT typically observed in the formation of a bubble?
Increased investment
Speculation
Economic growth
Decline in asset prices
59
What kind of investments can you hold in a Roth IRA?
A wide range, including stocks, bonds, ETFs, and index funds
Only government securities
Only stocks and bonds
Only mutual funds
60
Which of the following tasks is typically NOT handled by a property manager?
Screening tenants
Advertising rental properties
Filing the landlord’s taxes
Performing routine property maintenance
61
What is Tony Robbins' definition of The Science of Achievement?
Feeling emotionally fulfilled
Having perfect relationships
Avoiding failure at all costs
The ability to take what you imagine and make it real
62
What is the purpose of an academic advisor in college?
To secure on-campus employment
To help with housing and meal plans
To ensure tuition payments are completed
To assist in choosing courses and planning your degree path
63
What does James Clear suggest about motivation?
It is the most important factor in building habits
It can be unreliable and should be supplemented by systems
It increases with external rewards
It only works for short-term habits
64
What is the primary focus of the book Atomic Habits by James Clear?
Building small, consistent habits to achieve big results
Setting ambitious goals
Eliminating bad habits completely
Creating massive changes in a short time
65
What is one primary reason to hire an accountant for your taxes?
To double your refund amount
To avoid filing taxes altogether
To ensure accuracy and compliance with tax laws
To completely eliminate tax liability
66
What is the purpose of a budget
To track income
To plan for future expenses
All of the above
To limit spending
67
How does the "Two-Minute Rule" help in forming habits?
By eliminating distractions in two-minute intervals
By focusing on habits that take only two minutes
By timing your habits for two minutes each day
By breaking down habits into manageable actions
68
What is the purpose of "buy low, sell high" in a market cycle?
To minimize investment in quality assets
To profit by buying undervalued assets and selling them at their peak
To buy assets when they are overvalued
To avoid buying any assets during market bubbles
69
What does "habit tracking" achieve?
A visual reminder and motivator for consistency
An analytical approach to identify bad habits
A way to set better goals
A method to reward yourself daily
70
What is a common rule of thumb for saving for retirement
Save nothing until you are close to retirement
Save as much as you can, whatever you can
Save 5% of your income
Save 25% of your income
71
What generally happens during the "bust" phase of a market bubble?
New investments pour into the market
Prices reach their highest point
Panic selling accelerates the decline in prices
Investor confidence remains steady
72
What is a deductible in auto insurance?
The total value of your insurance policy
The amount you pay out of pocket before insurance covers the rest
The amount the insurance company pays you each month
The fee for filing a claim
73
What is not a depreciating asset?
Car
House
Clothing
Boat
74
If you are planning on attending a University when should you fill out your application?
January
July
March
November
75
Why can leasing a car be more expensive in the long run compared to buying?
Leased cars are typically older models
Lease payments include depreciation without ownership
Leasing cars have higher interest rates than loans
Leasing requires multiple insurance policies
76
What is the closing process when buying a house?
Touring the property one last time
Securing home insurance for the property
Meeting with the seller to negotiate terms
Finalizing the mortgage and signing documents
77
What is the purpose of "habit stacking"?
To combine multiple habits at once
To make habits more challenging
To pair a new habit with an existing one
To schedule habits in the morning
78
What is a strategy Robbins recommends for overcoming limiting beliefs?
Replace limiting beliefs with empowering beliefs
Ignore the problem
Avoid all risks
Rely only on luck
79
How can you reduce your insurance premium?
Avoid filing claims
Buy an older home
Increase your deductible
Decrease your coverage amount
80
What is the purpose of segregating your emergency fund from your regular checking account
To make it easier to spend the money on non-emergencies
To avoid paying taxes on the interest earned
To ensure the funds are earmarked specifically for emergencies
To earn higher interest on the funds
81
Which investment type offers the most diversification at a low cost?
ETFs or Index Funds
Bonds
Mutual funds with high fees
Individual stocks
82
What is habit stacking?
Combining bad habits
Performing multiple habits simultaneously
Avoiding habits altogether
Pairing a new habit with an existing one
83
What is the purpose of an emergency fund
To pay off credit card debt
To finance luxury purchases
To invest in high-risk assets
To cover unexpected expenses
84
What is the contribution limit for a Roth IRA for individuals under 50?
$7,000
$22,000
Unlimited
$5,000
85
Where should you keep your emergency fund for easy access
Locked in a long-term certificate of deposit (CD)
Under your mattress at home
In a high-yield savings account or money market account
Invested in stocks
86
According to James Clear, what is the key to lasting change?
Rewarding yourself constantly
Strong willpower
Setting ambitious goals
Focusing on identity rather than outcomes
87
What is the ultimate goal of "Designing Your Life"?
To plan every aspect of your future
To eliminate all risks from life decisions
To achieve financial independence
To live a joyful, meaningful life aligned with your values
88
What is the purpose of getting pre-approved for a mortgage?
To finalize your home purchase
To determine your credit score
To lock in a home price
To know your borrowing limit
89
What advice is often given about individual stocks for young investors?
Use them exclusively for retirement accounts
Avoid them as they can resemble gambling
Only invest in tech stocks
They are the best way to build wealth
90
Column 16
Option 1
Option 1
Option 1
Option 1
91
What does liability insurance cover when dealing with auto insurance?
Theft of your vehicle
Damage to your own car in an accident
Injuries and property damage caused to others
Medical expenses for you and your passengers
92
How much money should be typically be saved in an emergency fund
One month of expenses
Two years of expenses
Three months of expenses
One year of expenses

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