Personal Finance - Chapter 1 Reveiw

Which statement best explains why income alone does not determine wealth?

Which of the following best describes how Americans are being outsmarted by banks?

Personal financial success is primarily the result of:

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

During the Great Depression, policymakers came up with mortgage polices that convinced banks 

When it comes to personal finance, the math is easy.  What's challenging is managing your

A period of temporary economic decline with a fall in GDP is a 

An obligation of repayment owed by one party to a second party is 

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

T/F Learning the language of money is not important.

T/F Most Americans avoid using credit when they buy a car or furniture.

A person or business that offers loans at extremely high interest rates is a 

T/F  Since your are a teen, what you do with $ now has no effect on your financial future.     

Why was the use of credit uncommon prior to 1917?

T/F When developing a financial plan, look at your income, assets and liabilities.

Which of the following is not a true statement?

When it comes to managing money, success is about ______% knowledge and _______% behavior.

Which of the following is a consequence of spending more than you make?

T/F Most Americans today are wealthy and will have financial security when they retire. 

The widespread financial insecurity of Americans is primarily because:

Key components of financial planning include all of the following except:

Which of the following is not a reason credit is marketed heavily to consumers in the US.

T/F Everyone should have the same financial plan.

Which of the following best explains why students should learn about personal finance?

T/F The credit system today is structured to accommodate high interest rates and fees.

T/F  Financial security is achieved when your money begins to work for you.

A person or organization that uses a product or service is a 

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

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

All of the activities of an individual or family regarding money, spending, saving, budgeting 

A debt evidenced by a "note," which specifies the principal amount, due date and interest rate 

T/F Expensive houses and new car are a true indication of wealth.

A system by which goods and services are produced and distributed is called

T/F Having debt keeps you from building wealth.

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