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Chapter 1 review Flashcards | StudBud
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Chapter 1 review
Chapter 1 review
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Dave Ramsey Personal Finance Chapter 1 review
Flashcards
52 cards
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Practice quiz
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Host live
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Questions
52
Answers
1
A Liabilty is:
Money you owe to others
Income
Investments
Savings account
2
Personal Finance is:
75% having rich parents / 25% hard work
80% Behavior/20% head knowledge
50% knowledge and 50% wisdom
100% not useful
3
You should always have a ___________ for your money
Flower
Loan
Plan
Escape
4
Credit is
Free Money
Getting loans for purchases
100% Required to use
Something you can't live without.
5
You want your Net Worth to be negative
False
True
6
What is Personal Finance
It is a private matter, don't ask.
The sum of financial decisions you or your family make
A plan that is the same for everyone.
The amount of money on a person.
7
Changing your financial Behavior and Mindset will benefit your financial future
False
True
8
The "New Deal" was
A New negotiated loan
A deal with the bank to get a loan
A deal that committed to no debt.
A program created to promote Economic recovery after the crash of 1929.
9
Teens finacial worries do NOT include
How to pay for college
How to pay taxes
How to live independently
Having too much money.
10
You should always be _______________
Impulsive
Generous
Stingy
Mean
11
Positive net worth is when you OWN more than you OWE
False
True
12
American's have become comfortable with DEBT
False
True
13
83% of Americans don't use Credit cards?
True
False
14
What is a Loan Shark
A loan as big as a shark
Someone who charges really HIGH-interest rates on borrowed money
Someone who lets you borrow money with no fees
A shark on loan to an aquarium
15
Stay away from _______________.
Investments
Savings
Debt
working
16
An asset is
Loans and Debt
Stuff you stole
Stuff you own, Investments and Cash
Stuff kept behind the shed
17
Every person should have a ________________ account
Credit card
Home equity
Bank
Savings
18
Negative Net worth is when you have more debt than assets
True
False
19
America has a huge ____________________ problem
DEBT
Deflation
TAX
Excess Money
20
Two Measures of Wealth are :
Investments and Debt
number of credit cards
Taxes and Insurance
Income and Networth
21
An example of an Expense is
Income
Bills
Interest earn
Retirement account
22
It is better to wait until later to "learn to manage your money"
True
False
23
Interest Rate is
The money you pay to borrow money
A small fee
Something you are interested in.
The money you earn from a Credit card purchase
24
What is Debt
The money you will be paid from work.
Money owed to another person or company
Money in your bank account
Money owed to you
25
Avoiding debt will give _________
more financial freedom
All of them
You peace of mind
Save you money
26
You should get out of debt and then get back into debt again
True
False
27
A Budget is a ___________________ for your money
A written plan
An accountant
An impulsive use
Not needed
28
"You will either Manage your money or the lack of it will manage you."
True
False
29
100 years ago American society thought Debt was _________________
Unacceptable
A necessary evil
An everyday thing
Natural and part of life
30
What is a Consumer
An animal who eats others
A person who buy's things
A person who consumes plastics
Unusable Trash
31
Generosity means you give more than is expected
True
False
32
To win with Money you need a finacial plan.
False
True
33
You can either Pay interest for debt or Earn Interest on investments.
False
True
34
Americans have a problem with...
Instant gratification
Buying too much stuff
Lack of savings
All of the above
35
Have a minimum of _______ for an emergy savings
$100,000
$50
$100
$500
36
You should buy a car using
Title loans
Car loan
Bank loan
Cash
37
You should pay for college using
Cash or scholarships
Student Loans
Just don't go
Credit Cards
38
You are in charge of ________________
All of the above
Your Money
Your attitude about Money
Your behavior with Money
39
Live on _________ than you make
More
Less
Same
The money
40
What does the Expression "Living Paycheck to Paycheck" mean?
100% of income goes to expenses (No savings)
Having lots of free money
Having too much money at the end of the month.
Winning the Lottery
41
Almost 1/2 of American have less than $1000 in savings.
True
False
42
Financial Literacy Does NOT mean
Skills in Finances
Knowledge of Finances
Being able to read Financial text books.
Management of Finances
43
It is wisest to take out student loans to pay for college
False
True
44
Debt doesn't open doors. It closes them
True
False
45
Net Worth is
Your debt
The value of a net
What you own minus what you owe
How much you value yourself
46
Net Income is
The amount of income you can catch in a net.
Your contracted amount of income.
Money Earned minus taxes, insurance, and other fees.
Money paid per hour.
47
Having a credit card, is required in adult life
False
True
48
The person responsible for your financial problems is YOU!
False
True
49
Goals should NOT be
Measurable
Timebound
Specific
Unwritten/unspoken
50
A Financial plan includes short term and long term goals.
True
False
51
It is hard to have ______________ with money
an abundance
a plan
Self-control
impulsive purchases
52
You "Win with Money" by avoiding financial Mistakes
True
False
