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Foundations in Personal Finance Chapter 1 Flashcards | StudBud
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Foundations in Personal Finance Chapter 1
Foundations in Personal Finance Chapter 1
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A #personalfinance quiz to review #foundationsinpersonalfinance for #highschool
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What teenagers do with their money now has little effect on their financial futures
False
True
2
An obligation of repayment owed by one party to a second party
Consumer
Credit
Economy
Debt
3
The knowledge and skillset necessary to be an informed consumer and manage finances effectively
Financial Literacy
Interest
Personal Finance
Consumer
4
All of the decisions and activities of an individual or family regarding their money
Consumer
Personal Finance
Financial Literacy
Economy
5
When it comes to managing money, success is about _____% head knowledge and _____% behavior.
20, 80
80, 20
60, 40
50, 50
6
A system by which goods and services are produced and distributed
Financial Literacy
Personal Finance
Credit
Economy
7
Expensive houses and new cars are a true indication of wealth
True
False
8
Everyone should have the same financial plan
False
True
9
When it comes to personal finance, the math is easy. What's challenging is managing your _____.
Bank Account
Behavior
Income
Friends
10
Having debt keeps you from building wealth
False
True
11
A debt shown by a "note" which specifies the principal amount, interest rate & repayment date
Credit
Interest
Loan
Debt
12
Most Americans today are wealthy and will have financial security when they retire.
False
True
13
Most Americans avoid using credit when it comes to buying big-ticket items like a car or home
False
True
14
A person or organization that buys/uses goods or services
Financial Literacy
Loan
Consumer
Credit
15
During the Great Depression New Deal policy makers came up with policies to convince banks that
They would not be able to compete with loan sharks
Consumer credit wasn't a profitable industry
Consumers would not be willing to use credit
Consumer credit could be profitable
16
Which of the following is not a reason credit is marketed so heavily to consumers in the US
After WWI, credit laws in the US were relaxed
The use of credit is not socially accepted in the US
The credit industry has become extremely profitable
There is strong demand for big tickets items
17
Learning the language of money isn't important because you can depend on financial planners
True
False
18
The granting of a loan and the creation of a debt; any form of deferred payment
Economy
Loan
Credit
Personal Finance
19
True financial security is achieved when your money begins to generate an income
True
False
20
A fee paid by a borrower to the lender for the use of borrowed money
Debt
Loan
Personal Finance
Interest
