stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Personal Finance - Intro Mrs. R Catholic High Flashcards | StudBud
Explore
/
Personal Finance - Intro Mrs. R Catholic High
Personal Finance - Intro Mrs. R Catholic High
47 terms
·
StudBud Administration
·
473 plays
Personal Finance - quiz 1.1, 1.2
Flashcards
47 cards
F
Practice quiz
P
Host live
L
Questions
47
Answers
1
A fee paid by a borrower to the lender for the use of borrowed money.
savings
investment
bills
interest
2
What does "winning with money" look like?
Others can tell you are successful.
You make decisions that increase the value of your mutual fund.
You have money to buy an egagement ring
You have money saved when an emergency happens
3
Main components of a financial plan include all EXCEPT:
Allowing a professional planner to make all DECISIONS.
Writing a detailed PLAN
Monitoring and reassessing GOALS.
Replacing money myths with money TRUTHS.
4
Using credit has not always been socially accepted practice, but it has become. . .
Normal in American culture.
A practice used by the wealthy
Messassary for life in America
Less acceptable
5
Consumerism ("consume") is all about.... (choose best response)
Investing Money
Selling Things
Buying Things
Saving Money
6
True Financial security is achieved when your money begins to generate an income- ie your money starts working for you
False
True
7
Wealth is often the result of all of the following except:
hard work
being physically fit
planning
self-discipline
8
Being
smart
with your money means being
cheap
with your money
FALSE
TRUE
9
A system by which goods and services are produced and distributed.
assets
checks and balances
economy
your mom
10
Banks got into the credit buisness before 1920 because charging high interest rates was legal.
True
False
11
An important money principle to consider is that you should _____ and _____ your money.
Invest; endow
Save; invest
Spend; invest
Invest; lay out
12
Personal finance is 20% _____ and 80% ______.
Head knowledge; behavior
Cause; effect
Behavior; head knowledge
Reactions; behaviors
13
Your money personality impacts. . .
Your understanding of bank transactions
What you plan for as an adult
Your financial literacy level
How you handle money
14
In 1972, what association made borrowing money to attend college much easier than it had been?
The Sudent Loan Approval Association
The Student Federal Funding Association
THe Federal Student Approval Association
The Sudent Loan Marketing Association
15
Franklin D. Rosevelt passed the New Deal because of the Great Depression in the 1930s. What was this program for.
TO promote economic recovery and social reform
To allevite financial concerns with the United Nations
To divide the national budget in half and distribute.
To create a borrowing system within the country
16
What is the best way to avoid running out of money too quickly?
You can avoid making any purchases for the next 30 days.
You can make it a habit to plan and set goals for your money.
You can invest in college.
You can put your money in a safe place, like a banks, and not spend it.
17
Which of the following BEST explains why you should learn personal finance?
It helps you achieve a profitable career.
PF skills are better learned through trial and error.
Personal finance skills are highly complex.
To eliminate financial mistakes and promote future benefits.
18
What is the Fifth Foundation?
Get out and stay out of debt
Pau cash for your car.
Build wealth and give.
Find a financial proffesional.
19
Personal Finance is ....
Making it rain.
50% behavior & 50% knowledge
80% behavior & 20% knowledge
Letting people see you wop.
20
What does living paycheck to paycheck mean?
somone eagerly awaits their next paucheck to plan for the month's expenses
Because of outside circumstances people can't plan.
income is devouted to expenses which, in turn; no money is put in savings
When a persion chooses to not deposit their paycheck
21
When you set financial goals, they should be. . .
Specific, measurable, time-sensitive, yours and written
Specific and measurable.
Timley, bank-based, and yours.
Only time sensitive.
22
What is the average household credit card debt in America?
$5,000
$10,000
$15,000
$20,000
23
As a single adult, you should. . .
Have an accountibility partner you trust.
Beware of planned and budgeted buying
Seek a financial counselor or adviosr by age 25.
Keep managing your money as a priority.
24
You are either only a natural saver or a natural spender. You cannot have a balance of both.
True
False
25
What is the first foundation
Build wealth and give
Save a $500 emergency fund.
Pay cash for college
OPen a checking account
26
After WWI, the demand for products increased, and people began getting credit without load sharks. Beacause of this. . .
Credit was devalued in the marketplace
Credit was offered at even higher interest rates by loan sharks.
Credit increased so rapidly, loan sharks became obsolete
Credit started to become more socially acceptable
27
An obligation of repayment, owed by one party to a second party. (owing money to anyone)
Ownership
Debt
Interest
Credit
28
Everyone should have the same financial plan. A budget that works for one will work for all.
False
True
29
Most Americans avoid the use of credit when buying big-ticket items (car, boat, furniture)
False
True
30
A money principle to keep in mind is to live on _____ you make.
Less than
The same as
Exactly 20% below
More than
31
Making the right choices with your money-managing your money-involves knowing how...
Consumer decisions will affect your accounts
Earning, budgeting, saving, spending, and giving your money,
Planning, saving, spending and investing defines your financial portfolio
To make bank deposists use registers with apporpriate transactions listed.
32
What is financial literacy
The curriculum provided to college students about finances for thier degree
The content provided in bank statements for consumers.
The skill to read financial documents
The knowledge nessasary for people to manage their finaces effectivly.
33
To know your net worth, subtract your liablities from your. .
Other liabilities
Net income
Assets
Previous net worth
34
Is it possible to pay for college with cash.
False
True
35
Without any debt, you can be outrageously______.
Selfish
Thrifty
Cautious
Generous
36
Being a spender has many more positives than being a saver.
False
True
37
Which of the following happened to Dave Ramsey?
He made a million dollars by age 14.
He was elected to political office
He went bankrupt
He created a successful mutual fund
38
Savers have a tendency to be. . .
Strict with their money and not spend any of it.
Strict with what they spend their money on, other than groceries
Strict with their purchases but spend money without plan.
Strict with only purchases for themselves
39
Electricity to the majority of rural america caused an increase in U.S. debt because...
Retailers held really great promotions during that time.
Some guy started selling bananas.
Big-ticket items like TVs and appliances were now possible.
Electricity was cheaper than previous alternatives.
40
You should always make sure you have a...
Credit card
Credit line
Budget
Direct deposit
41
Which of the following statements best describes how Americans are being outsmarted by banks?
Credit is marketed so well that we use it regardless of interest charged.
We are taught that we can buy happiness
We are driven by consumerism.
Buying things on credit has become acceptable in our culture.
42
Expensive houses and cars are evidence of true wealth.
True
False
43
Which of the following is a consequence of spending more than you make?
stress
missed opportunity to save and invest
a cycle of debt
all of the above
44
Personal Finance is all the financial decisions a(n) _______ must make in order to earn, budget, save, spend.
Individual or family
Individual or company
Company or organization
Bank
45
To gain an understanding of your personal finances, you should know. . .
Your investment portfolio your financial advisors' contact information.
How much income you have
Your financial goals
Where you stand financilly, your income, your goals, and how.
46
Which of the following statements best explains why income alone does not determine wealth?
Only people who are natural savers become wealthy.
Investing is the only factor that contributes to wealth building.
How much money you make does not dictate your spending and saving behavior.
Income alone does determine a person's wealth.
47
Avoiding debt can lead to financial freedom and hope.
True
False
