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Chapter 1 review Flashcards | StudBud
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Chapter 1 review
Chapter 1 review
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Questions
14
Answers
1
A(n)____is anything you own that has value
Expense
Loan Shark
Asset
Loan
2
The total student loan dept owed in the U.S. is currently about how much?
$1.5 million
$1.5 trillion
$1.5 billion
$1.5 quadtrillion
3
____is a fee charged for using borrowed money for a purchase
Expense
Interest
Debt
Loan
4
The five foundations provide a simple___to help you win with money.
Action plan
Educational course
Guide for investing
Suggestion
5
Living on less than you make means not:
Going to collage after high school
Budgeting to eat out with friends
Buying a car at 16 years old
Spending all of your money
6
Having a(n)___means the amount of your liabilities is larger than you assets
Debt
Negative Net Worth
Net Income
Positive Net Worth
7
____relates to all of the different money decisions you make each day
Liability
Negative net worth
Debt
Personal Finance
8
Personal finance is 20% head knowledge about money. What is the other 80%?
Relationships
Experience
Behavior
Cash in bank
9
Knowing your___is the starting point for a financial plan
Net worth
Credit
Liability
Financial plan
10
As a(n)___,its up to you to make choices about what you buy and use
Asset
Consumer
Liability
Person
11
American culture and businesses have convinces consumers that using___is normal
Credit
Financial plan
Negative net worth
Asset
12
The percentage of Americans who are living paycheck to paycheck is almost:
60%
70%
90%
80%
13
Almost half of all americans report having less than__in savings.
$1,000
$5,000
$500
$10,000
14
___means having the knowledge and skills to manage your personal finances
Financial Literacy
Personal Finance
Credit
Debt