Chapter 1: Intro to Personal Finance

A person or business that offers loans at extremely high interest rates

Which of the following is a consequence of spending more than you make?

Granting of a loan and the creation of debt

When making a personal financial plan, first thing you should do is assess your current finance

Which is not a reason credit is marketed heavily to consumers in U.S?

Which best explains why students should learn about personal finance?

Which is not a benefit of understanding your own money personality?

New Deal policymakers came up w/ mortgage and consumer lending policies to convince banks that

Learning the language of money is not important, just rely on financial planners

Which of the following best describes how Americans are outsmarted by banks and lenders?

What you do now with money will have little effect on your financial future.

Which is not a factor in becoming money smart?

Knowledge and skill sets necessary for managing finances effectively.

Credit system is structured for a state of income instability with high interest rates

An obligation of repayment owed by one party to a second party

When it comes to personal finance, the math is easy. What's challenging is managing your ___.

Most Americans today are wealthy and will have financial security when they retire

Widespread financial insecurity of Americans is primarily because:

A period of economic decline which trade and industry are reduced leading to a fall in the GDP

A system by which goods and services are produced and distributed

Why was the use of credit uncommon prior to 1917?

When it comes to managing money, success is about __% knowledge and __% behavior

True financial security is achieved when your money begins to generate an income

A debt evidenced by a "note" which indicates principal, interest rate, and date of repayment.

Which of the following best explains why income alone does not determine wealth?

Which of the following is not a true statement?

Expensive houses and new cars are true indication of wealth

Fee paid by a borrower to the lender for the use of borrowed money.

Having debt keeps you from building wealth

Most Americans don't use credit when it comes to buying big-ticket items (car or furniture)

Key components of financial planning include all of the following except:

A person or organization that uses a product or service

Everyone should have the same financial plan

All of the decisions and activities of a individual or family regarding their money

Personal financial success is primarily the result of: