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Personal Finance- Dave Ramsey Ch 2 Flashcards | StudBud
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Personal Finance- Dave Ramsey Ch 2
Personal Finance- Dave Ramsey Ch 2
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Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
A savings account that is set aside to be used only for emergency expenses is called..
Unknown Funds
Unfortunate Expenses
Tragic Expenditures
Emergency Fund
2
An account that generates interest income on the available balance in the account is an..
Savings Account
Checking Account
Interest-Bearing Account
Set Aside Emergency Account
3
Why do you need an emergency fund at your age?
To have an extra account for spending money
None of the above
Because Dave Ramsey tells me so
In case of small emergencies
4
At your age, a fully funded emergency fund should be..
$500
$100
$700
$300
5
The persistent increase in the cost of goods and services is..
Interest
Emergency Fund
Interest Rate
Inflation
6
Calculate the compound interest: $1,000 at 5% interest for two years
53
52.5
53.5
50
7
What does Dave Ramsey say the First Foundation is in this series?
Consumer Awareness
Save a lot to spend a lot
Save a $500 emergency fund
Don't stress about your debt
8
What two things do you consider when evaluating the time value of money?
Interest and Investment
Length of time and Inflation
Price and Length of time
Interest and Inflation
9
A rate that is either charged (on debt) or paid (on investment account) for the use of money is
Interest Rate
Income Rate
Compound Interest
Emergency Fund
10
3 basic reasons for saving money:
All the Above
Large Purchases
Emergency Fund
Build Wealth
11
When is comes to saving money, the amount you save is NOT determined by how much you have left.
True
False
12
Instead of borrowing money for a large purchase, you should ...
Build wealth and not buy large purchases
set money aside in a sinking fund
Reconsider your financial status
Get a loan
13
Your income level does not affect your saving habits
True
False
14
What is Compound Interest?
Interest built up over accumulated time
Money saved aside for future
Money compounded into a lump sum
Interest paid on interest previously earned
15
What are The Five Foundations?
The five steps to spend money
The five steps to financial success
The five steps to become rich
The five steps to investment
16
Saving money over time for a large purchase is called..
Collective Insurance
Sinking Fund
Impulse Buyer
Money Management
