Personal Finance Chapter 1

The credit industry has not changed much since 1917.

Dave Ramsey, renowned financial expert, declared bankruptcy in his lifetime.

If your assets total more than your liabilities, you will have a(n) _______ net worth.

A money principle to keep in mind is to live on _______ you make.

It has become acceptable in our culture to use credit to buy things. We are told debt is ___.

Federal Housing Authority guarantees that

Using credit has not always been a socially accepted practice, but it has become .....

The Fifth Foundation is to pay cash for a car.

It is possible to pay for college with cash.

Expensive homes and cars are an indication that a person is wealthy.

To know your net worth, subtract your liabilities from your

An important money principle to consider is that you should _____ and ____ your money.

A _______ financial goal takes up to two years to reach.

Personal financial success is mainly the result of:

Which is a consequence of spending more than you make.

Your money personality impacts...

A person that offers loans at very high interest rate.

Most Americans use credit to buy big ticket items such as TV's and cars.

The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively is ____

Being a spender has many more positives than being a saver.

Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.

Having debt reduces your chance of becoming wealthy.

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

FDR passed the New Deal because of the Great Depression in the 1930's. What was the purpose of this program?

What is the first foundation?

A person that buys a product or service.

Living paycheck to paycheck occurs when a person's income is devoted to expences which, in turn, means little is saved

Which is not a factor in becoming money smart.

After World War I, the demand for products increased, and people began getting credit without sharks. Then credit...

As a single adult, you should ....

Which money personality is affected by stress.

Avoiding debt can lead to financial freedom and hope.

You are either only a natural saver or a natural spender. You cannot have a balance of both.

Most adult Americans will not be financially prepared to retire.

If you are living from paycheck to paycheck and are in debt then you are _______ in America.

True financial security is when your money generates an income larger than your salary.

In 1972, what association made borrowing money to attend college much easier than it had been?

Savers have a tendency to be ...

When managing money, success is about ___% knowledge and ___% behavior.

You should always make sure that you have a ...

When you set finacial goals, they should be specific, measurable, time-sensitive, yours, and written

Federal Deposit Insurance Corporation guarantees _______

What are The Five Foundations?

Without any debt, you can be outrageously ___________