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Finance chapter 1 Flashcards | StudBud
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Finance chapter 1
What is liability?
When should you pay off debts?
Finance chapter 1
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Answers
1
When should you pay off debts?
right before they are due
after age 18
as soon as possible
next year
2
What is liability?
having no debt
value of everything you earn
value of everything you own
value of everything you owe
3
What is an asset?
value of what you owe
all of the answers
value of what you own
value of what you earn
4
What is net worth?
how much you own minus how much you owe
when you own more than you owe
cost of replacing a basketball hoop
when you owe more than you own
5
Which of the following is
NOT
an asset?
furniture
utilities
car
house
6
What is debt?
money given away
money owed
money earned
money stolen
7
After saving for an emergency fund, what is the next foundation?
build wealth and be generous
pay cash for college
pay cash for your car
get and stay out of debt
8
Who should manage your money?
your money should manage you
the Federal government
your friends
you
9
Which of the following is
NOT
a characteristic of a spender?
takes fewer risks
don't think about the future
enjoy things they buy
spend on new experiences
10
What percent of Americans are living paycheck-to-paycheck?
80 %
83 %
54 %
44 %
11
What percent of American adults have a credit card?
54 %
83 %
44 %
80 %
12
What is net income?
how much you earn playing basketball
how much you earn after taxes and deductions
how much you earn before taxes and deductions
how much interest you earn
13
Which of the following is
NOT
a benefit of having no debt?
interest payments
saving
spending
giving
14
What is credit?
all of the answers
creation of debt
granting a loan
deferred payment
15
What percent of Americans have less than $1,000 saved?
83 %
54 %
44 %
80 %
16
What percent of parents worry about money?
44 %
80 %
83 %
54 %
17
What is interest?
money deducted from pay
money added to your pay
money charged for borrowing
money used to buy something you want
18
What strategy will
NOT
keep you out of debt?
pay cash
get a second credit card
save
Live on less than you make
19
Which of the following is
NOT
a liability?
loans
insurance
credit cards
jewelry
20
What is financial literacy?
what you need to know to be an informed consumer
having money in your bank account
reading books about finance
playing the stock market
21
When were credit cards introduced?
1940's
1960's
1930's
1950's
22
What is personal finance?
decisions about money you give
all of the answers
decisions about money you save
decisions about money you earn
23
What is a consumer?
person who is opposed to the summer
person who sells a product or service
person who adds with others
person who uses a product or service
24
What is the debt for the average borrower not counting a mortgage?
$ 24,000
$ 44,000
$ 54,000
$ 34,000
25
What is a financial plan?
spending more than you have
steps to meet needs and goals
listening to the advice of others
allowing chance to determine results
26
Which of the following is
NOT
a characteristic of a saver?
spontaneous
plan towards saving
strict with their money
likes security and structure
27
What percent of personal finance is behavior?
44 %
80 %
54 %
83 %
