Consumer Ch 1 Review 2

A debt evidenced by a ʺnote,ʺ which specifies the principal amount, interest rate and date of repayment

During the Great Depression, New Deal policymakers convinced commercial banks that:

When it comes to personal finance, the math is easy. Whatʹs challenging is managing your _________

The credit system today targets uncertain employment and income instability, utilizing high interest rates

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

Which of the following is not a reason credit is marketed heavily to consumers in the United States?

A period of temporary economic decline; generally identified by a fall in gross domestic product (GDP)

Everyone should have the same financial plan. A budget that works for one person should be sufficient for everyone.

The granting of a loan and the creation of debt; any form of deferred payment

A system by which goods and services are produced and distributed

When developing a financial plan, you should assess your current financial situation.

The knowledge and skills necessary to be an informed consumer and manage finances effectively

Expensive houses and new cars are a true indication of wealth.

Which of the following is not a factor in becoming money smart?

Why was the use of credit uncommon prior to 1917?  

 A fee paid by a borrower to the lender for the use of borrowed money

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