Foundations in Personal Finance - Chapter 12 Test Review

Which of the following should be a consideration when selecting a nonprofit to which you’d like to contribute?

Smart donors support their favorite charities:

The Fifth Foundation

Traits/qualities that represent your highest priorities, deeply held beliefs & motivating forces; guiding principles

Someone who gives money or goods to an organization

There is nothing that distinguishes your values and interests from those of other teenagers.

If you commit to following the Five Foundations, you will have more money to give to others.

When we give to others, we become less self-focused.

Which of the following statements is false?

The Fifth Foundation is Build Wealth and:

John D. Rockefeller was a businessman in the early 1900s who is remembered only for his wealth.

One financial benefit of giving money to charity is that your contribution may be tax deductible.

Which of the following is a way that giving to others can benefit you?

Your budget should include all of the following except:

Your primary motivation for giving should be:

Anything handed down from the past; something that someone has achieved that continues to exist after they are gone

Which of the following is not one of the Five Foundations?

Organizations that use money raised to achieve their goals rather than distributing them as profit

What percentage of American households give to charity?

You have to wait until you have a large income before you can help others.

The practice of providing help and advice to people in a community before they have to ask for it

Which of the following statements is false?

One of the most important and rewarding things you can do is give.

When donating non-cash items to a charity, which of the following is not recommended?

The Five Foundations:

Reduction in the gross amount on which tax is calculated; reduces taxes by the % fixed for the taxpayer’s income bracket

An organization set up to provide help and raise money for those in need

Money is not the only way to give.

Is it better to give to many charities or just a few?

You can be remembered for positive or negative attributes.

To give money, food or other help to a country or organization that needs it

When considering donating to charity:

Delaying the act of giving will make giving less likely in your future.

Means ʺlove of humanityʺ; identifying and exercising one’s values in giving and volunteering

Giving should be: