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Ch 10 - MONEY & RELATIONSHIPS - Financial Literacy Flashcards | StudBud
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Ch 10 - MONEY & RELATIONSHIPS - Financial Literacy
Ch 10 - MONEY & RELATIONSHIPS - Financial Literacy
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Questions
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Answers
1
A confidence and satisfaction in oneself
Self Esteem
Money Personality
2
A written plan gives the single person empowerment, self - accountability and control.
False
True
3
Discussing important financial matters with household members can reduce conflict.
True
False
4
A process by which information is exchanged between individuals
Shouting
Communication
5
Communicating with others about money is entirely a matter of the other person hearing and following your wishes.
True
False
6
When communicating with your parents about money, you should:
All of the above
Be honest
Communicate your wants, needs, and money goals
Be a good listener
7
Since men and women are different, who is supposed to do the financial decision making in a marriage?
The husband
The wife
Both spouses
They should each manage their own money
8
The quality or state of being responsible, liable or answerable
Honesty
Accountability
9
A situation in which a person is lacking time, which leads to stress
Time poverty
Schedule conflict
10
Communication, teamwork and consistency are all important elements in handling family finances.
False
True
11
A person’s priorities, beliefs and standards that affect how he or she views the world
Personality
Value system
12
A person who is picky about budgeting and details
Free-Spirit
Nerd
13
If money fights are a problem in a marriage, then money management provides an opportunity to improve a marriage.
True
False
14
You should communicate your money goals with your parents and others close to you because:
Your goals are your goals. There is no need to share them
Others can help you by providing accountability and encouragement
They can write your monthly budget
They can provide financial support in case you make mistakes
15
Which of the following is NOT a rule for the ʺbudget committee meetingʺ?
The Nerd should be the one to prepare the budget.
You should write a zerobased spending every dollar on paper
Meetings should go on for however long it takes to come up with a budget
The decision making must be done by both people.
16
Whether you agree with your parents or not regarding money, you should always respect and honor their decisions.
False
True
17
Which of the following statements is false?
When relating to others about money, it’s important to consider their value
When handling $, it can be hard to balance who you are & what you should do
If you value freedom and spontaneity, you’re more likely to be a saver
Being aware of your$ personality will help you create a $plan that works
18
The result of achievement toward which effort is directed
Goal
Competition
19
A great way for a young person to avoid making money mistakes is to:
It is unlikely that a young person will make money mistakes
Let a parent manage their finances
Realize that mistakes are unavoidable
Seek advice from a trusted adult
20
Cooperative and coordinated effort on the part of a group of persons acting together in the interest of a common goal
Isolation
Teamwork
21
When it comes to communicating with others about money, you should NOT:
Be honest
Manipulate
Listen
Pick the right time and place
22
The flow of money in a family represents the ___________ under which that family operates.
Sophistication
Security
Income level
Value system
23
Which of the following statements regarding marriage and money is FALSE?
It is ok to hide purchases from as long as you have the $ to pay for it.
In a marriage, you are financially accountable to one another.
Managing finances in a marriage takes teamwork.
When you agree on your $, that means that you also agree on your values
24
The number-one cause of divorce in America is:
Money
Religious differences
None of the above
The in-laws
25
For women, the _______________ is the most important key to financial security.
Emergency fund
Envelope system
Job promotion
Checking account
26
Which of the following can be a challenge when managing money on your own as a young single adult?
Not keeping a written budget
Time poverty and fatigue
All of the above
Impulse buying due to lack of an accountability partner
27
It is easier to manage money when you are accountable to no one.
False
True
28
When married couples do not share goals and values in how they manage money, which of the following can occur?
Divorce
Stress
All of the Above
Conflict
29
The goal in communicating with your parents about money is to become responsible and independent with the money you have
True
False
30
If you value security, you are more likely to:
Make Impulse buys
Save money
All of the above
Spend money
31
The state of being free from danger or threat
Security
Avoidance
32
When managing money, one’s value system is of NO importance
True
False
33
In a marriage, you are financially accountable to each other.
True
False
34
A person who thinks that everything will work out fine and typically hates to deal with the details
Free Spirit
Nerd
35
Men tend to get good deals by:
Finding sales
Going to the mall
Negotiating
Clipping coupons
