Ramsey ch 1 quiz

Question 1

The total student loan debt owed in the U.S. is currently about how much?

Accepted Answer

1.5 Trillion

Question 2

To get clarity on your money goals and have a powerful reminder for tracking, you need to never write down your goals.

Accepted Answer

False

Question 3

__________ is a fee charged for using borrowed money for a purchase.

Accepted Answer

Interest

Question 4

A(n) _______ is anything you own that has value.

Accepted Answer

Asset

Question 5

_________ relates to all of the different money decisions you make each day.

Accepted Answer

Personal finance

Question 6

The percentage of Americans who are living paycheck to paycheck is almost:

Accepted Answer

80%

Question 7

Living on less than you make means not:

Accepted Answer

Spending all of your money

Question 8

Knowing your ____________ is the starting point for a financial plan.

Accepted Answer

Net worth

Question 9

Personal finance is 20% head knowledge about money. What is the other 80%?

Accepted Answer

Behavior

Question 10

In finances, always remember that you will either manage your money or the lack of it will always manage you.

Accepted Answer

True

Question 11

Almost halft of all Americans report having less than ____________ in savings.

Accepted Answer

$1,000

Question 12

As a(n) _________, it's up to you to make choices about what you buy and use.

Accepted Answer

Consumer

Question 13

Having a(n) _______ means the amount of your liabilities is larger than the value of your assets.

Accepted Answer

negative net worth

Question 14

The Five Foundations provide a simple ______________ to help you win with money.

Accepted Answer

Action plan

Question 15

American culture and businesses have convinced consumers that using _______ is normal.

Accepted Answer

Credit

Question 16

__________ means having the knowledge and skills to manage your personal finances.

Accepted Answer

Financial literacy

Questions 16