When you set financial goals they should be

Specific, measurable, time-sensitive, yours, and written

In 1972, what association made college borrowing easier?

The Student Loan Marketing Association

Making the right choices with money means you know how

earning, budgeting, saving, spending affect money

As a single adult you should

keep managing your money as a priority

What was purpose of The New Deal?

promote economic recovery and social reform

Income is devoted to expenses and no money is saved

Savers have a tendency to be

strict with money and not spend it

To gain understanding of your finances you should know

where you stand financially, amount of income, personal goals

What is the best way to avoid running out of money too quickly?

Make a habit of planning and setting goals for your money

What is financial literacy?

the knowledge and skill base for individuals to manage finances

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Dave Chapter 1

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Questions 30

Answers

1
Using credit has not always been socially acceptable, but it has become
normal in American culture
used by wealthy
necessary for life
less acceptable
2
When you set financial goals they should be
only tme sensitive
specific and measurable
Timely, specific, bank based, yours
Specific, measurable, time-sensitive, yours, and written
3
You should always make sure you have a
direct deposit
credit line
credit card
budget
4
What is the fifth foundation?
find a finance professional
build wealth and give
get out of debth
pay cash for car
5
To know your net worth subtract your liabilities from your
previous net worth
other liabilities
assets
net income
6
In 1972, what association made college borrowing easier?
The Student Federal Funding Association
The Student Loan Marketing Association
The Student Loan Approval Association
The Federal Student Approval Association
7
After WW1 people could get credit without loan sharks, because of this, credit
was more socially acceptable
was devalued
increased so rapidly, loan shards became obsolete
was offered at higher rates by loan sharks
8
Being a spender has more positives than being a saver
False
True
9
Making the right choices with money means you know how
planning, saving, spending, and investing determine your portfolio
consumer decisions affect our accounts
earning, budgeting, saving, spending affect money
To make bank deposits using registers with transactions listed
10
As a single adult you should
keep managing your money as a priority
be aware of planned and budgeted buying
seek a financial counselor by age 25
have an accountability partner you trust
11
An important money priciple is you should ___ and ___ your money
spend, invest
invest, lay out
save, invest
invest, endow
12
Without debt you can be outrageously what?
Selfish
Generous
Thrifty
Cautious
13
What was purpose of The New Deal?
promote economic recovery and social reform
alleviate financial concerns with the UN
create a borrowing system
divide the national budget in half
14
Paycheck to paycheck
Income is devoted to expenses and no money is saved
Need the next paycheck to pay expenses
Choosing to not deposit a check
can't plan past the next paycheck because it is too far away
15
Avoiding debt can lead to financial freedom
False
True
16
Personal finance is the decions you take to earn, budget save spend for
Individual or company
bank
company
individual or family
17
Savers have a tendency to be
strict with everything but groceries
strict with purchases for themselves
strict with money and not spend it
strict with purchases but spend without a plan
18
It is possible to pay cash for college
False
True
19
A money principle to keep in mind is to live on
20% below what you make
the same as what you make
more than what you make
less than what you make
20
Your money personality impacts
how you handle money
what you plan for as an adult
Your understanding of bank transactions
financial literacy level
21
Personal finance is 20% __ and 80% ___
head knowledge, behavior
cause, effect
reactions, behaviors
behavior, head knowledge
22
A __ financial goal takes 2 years to reach.
Long term
Five Level
Medium term
Short term
23
You are either only a natual spender or saver?
True
False
24
To gain understanding of your finances you should know
your investment portfolio
where you stand financially, amount of income, personal goals
your financial goals
how much income
25
What is the first foundation?
pay cash for college
Build wealth and give
open a checking account
save $500 emergency fund
26
What are the five foundations?
financial literacy technique
common conclusion for debt
starting point for adults
Personal financial action plan
27
If your assets total more than liabilities you have what net worth?
Unknown
Even
Negative
Positive
28
What is the best way to avoid running out of money too quickly?
invest in college
avoid making purchases for a month
put your money in the bank and not spend it
Make a habit of planning and setting goals for your money
29
Banks got into credit before 1920 because high interest rates were illegal
True
False
30
What is financial literacy?
curriculum provided to college students
the content provided in bank statements
skills to read financial documents
the knowledge and skill base for individuals to manage finances

Dave Chapter 1 Flashcards | StudBud