Which of the following has the lowest risk for getting your card information stolen?

Using your debit card and PIN at a reputable store

Savers have a tendency to be . . .

Strict with their money and not spend any of it

After World War I, the demand for products ⬆& people began getting credit without loan sharks. Because of this, credit…

Started to become more socially acceptable

As a single adult, you should . . .

Keep managing your money as a priority

As an effective marketing strategy, companies pay a lot to...?

Have their products strategically placed in the store.

Marketers have sophisticated tech & plans to get your $, what can you do to make sure you don’t fall into their trap?

Be aware of when and where you’re being marketed to.

What is the envelope system?

Use envelopes labeled with specific budget categories for your cash.

The best way to budget is...

The way that works best for you

Part of being a smart consumer is being able to . . .

Say no to an unnecessary purchase

Making the right choices with your money—managing your money—involves knowing how

Earning, budgeting, saving, spending, andgiving affect your money

What kind of money counts as income?

All money you receive, including money from your job and gifts

To gain an understanding of your personal finances, you should know . . .

Where you stand financially, income you have, goals to set & reach

What are The Five Foundations?

A personal financial action plan

Why is tracking your expenses throughout the month important?

It gives you insight into whether you'resticking to the budget you set.

An example of discretionary spending is ________.

Nonessential goods and services

Why is paying for something in cash a better option than a virtual payment even if it isn’t as convenient?

Make spending less convenient, less likely to buy things you don't need.

Reading the owner's manual, using the product as intended, and keeping the receipt are ways to . . .

Protect and maintain your purchase

When is the right time to start creating and living by a budget?

Right now - it's never too early!

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

To promote economic recovery and socialreform

Before you insert your debit card at the gas pump, you should always . . .

Check out the card reader to see if it looks different, loose, or worn

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

The Student Loan Marketing Association(SLMA)

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Questions 85

Answers

1
If you get married, only one person is responsible for budgeting.
False
True
2
You should always make sure you have a…
Credit line
Direct deposit
Budget
Credit card
3
Appreciating who you are and what you have instead of wanting what your friends have is called________.
Comparison
Gratitude
Contentment
Consumerism
4
Which of the following has the lowest risk for getting your card information stolen?
Storing your card information online
Using your debit card and PIN at a reputable store
Making an online purchase on an unsecured site
Handing your card over to a server at a restaurant.
5
Shoe companies can use influencer marketing to build brand recognition to gain credibility and familiarity.
True
False
6
You won't find contentment by just continually buying stuff.
True
False
7
Your money personality can affect your .
Personal values
Choice of bank
Attitude toward budgeting
Ability to budget
8
When you set financial goals, they should be Specific, measurable, time-sensitive, yours, and written.
True
False
9
Savers have a tendency to be . . .
Strict with what they spend their money on, other than groceries
Strict with only purchases for themselves
Strict with their money and not spend any of it
Strict with their purchases but spend money without a plan
10
After World War I, the demand for products ⬆& people began getting credit without loan sharks. Because of this, credit…
Was offered at even higher interest rates byloan sharks
Was devalued in the marketplace
Increased so rapidly, loan sharks becameobsolete
Started to become more socially acceptable
11
As a single adult, you should . . .
Keep managing your money as a priority
Seek a financial counselor or advisorby age 25
Have an accountability partner you trustsomewhat
Beware of planned and budgeted buying
12
Detailed categories on your budget will help you make better spending decisions.
False
True
13
Contentment is hindered by_______.
Money principles
Immediate gratification
The Five Foundations
Delayed gratification
14
As an effective marketing strategy, companies pay a lot to...?
Get you to dislike their branding.
Choose a brand similar to theirs.
Confuse you about their product.
Have their products strategically placed in the store.
15
A common misconception is that budgeting will keep you from having fun, when in reality a budget . . .
Means there are no rules—you are free touse your money however you want
Gives you permission to spend
Restricts your fun completely
Adds more stress to your life
16
Marketers have sophisticated tech & plans to get your $, what can you do to make sure you don’t fall into their trap?
Stay off any form of digital media entirely.
Make snap decisions to buy products.
Never buy anything online.
Be aware of when and where you’re being marketed to.
17
The key to contentment is gratitude.
False
True
18
What is the envelope system?
It's a system that involves writing your entire budget on an envelope.
Involves putting credit card in each envelope to use for that category.
Digital app that organizes categories based on qualitative amounts.
Use envelopes labeled with specific budget categories for your cash.
19
Which of the following is NOT a component of a budget?
Saving
Giving
Credit score
Income
20
The best way to budget is...
The way that works best for you
On paper
By using a digital app
Creating a spreadsheet
21
Part of being a smart consumer is being able to . . .
Discern when to open a retail store credit card and when not to
Set up digital wallets and mobile payment
Say no to an unnecessary purchase
Use a credit card for the points without going into debt
22
How often should you create a budget?
Weekly
Daily
Monthly
Biannually
23
Making the right choices with your money—managing your money—involves knowing how
Earning, budgeting, saving, spending, andgiving affect your money
Planning, saving, spending & investing will define your financial portfolio
Make bank deposits using registers with the appropriate transactions listed
Consumer decisions will affect youraccounts
24
Your monthly rent payment is an example of a variable expense.
False
True
25
What kind of money counts as income?
Only money deposited into your bankaccount
All money you receive, including money from your job and gifts
Only the money you make at your job
Money in your savings account
26
A _____ financial goal takes up to two years to reach.
medium-term
short-term
long-term
27
To gain an understanding of your personal finances, you should know . . .
How much income you have
Where you stand financially, income you have, goals to set & reach
Your investment portfolio and your financialadvisors’ contact information
Your financial goals
28
What are The Five Foundations?
A financial literacy technique
A common conclusion for debt
. A starting point for adults regarding finances
A personal financial action plan
29
When someone steals and uses your debit or credit card info, that's called_______ .
Networking
Authorized spending
Fraud
Borrowing
30
How many months does it usually take for your budget to start working as a budget should?
Four
Three
One
Five
31
Americans spend over $2,100 a year on_____.
Credit card fees
Groceries and eating out
Impulse purchases
Entertainment
32
Without any debt, you can be outrageously____
Thrifty
Cautious
Selfish
Generous
33
Personal finance is _____ head knowledge and _____ behavior .
80%, 20%
70%, 30%
30%, 70%
20%, 80%
34
If you're a victim of card fraud . . .
Contact your bank immediately
Wait for your bank to contact you
Call 911 before making any other purchases
Wait until the next week to contact your bank
35
Why is tracking your expenses throughout the month important?
It helps you pull money from your savings tospend in other categories.
It gives you insight into whether you'resticking to the budget you set.
It allows you to delete categories youdon't like.
It really isn't that important in the long run.
36
An example of discretionary spending is ________.
Nonessential goods and services
Monthly rent
Transportation
Utilities and foodB
37
Research shows that nearly half of Americans (46%) feel stress and anxiety about the amount of they have.
Money
Debit cards
Categories in their budget
Personal debt
38
Being a spender has many more positives than being a saver.
False
True
39
Why is paying for something in cash a better option than a virtual payment even if it isn’t as convenient?
Make spending less convenient, less likely to buy things you don't need.
It’s easier to part ways with cash, so you're more likely to overspend.
It helps the store clerk when you use cash.
It isn't a better option. The perks of virtual payments outweigh the neg.
40
Reading the owner's manual, using the product as intended, and keeping the receipt are ways to . . .
Go into debt over an item
Protect and maintain your purchase
Avoid regretting an impulse purchase
Think through a purchase
41
Net income is the amount you get paid before taxes.
True
False
42
If your liabilities total more than your assets, you will have a(n) net worth
Negative
Equal
Unknown
Positive
43
___ is the knowledge and skill base necessary for people to be informed consumers and manage their finances effectively
Money principles
Financial literacy
Consumerism
Personal finance
44
The first priority in your budget should be .
Spending
Giving
Saving
Investing
45
When is the right time to start creating and living by a budget?
When you start researching colleges andthe costs that come along with it
Once you have a job with an income
When you decide it's time to buy a car
Right now - it's never too early!
46
Going to the movies is an example of what types of expenses?
Discretionary and variable
Discretionary and fixed
ntermittent and variable
Intermittent and fixed
47
You are either only a natural saver or a natural spender. You cannot have a balance of both.
True
False
48
Stuff doesn't equal___. Debt makes people look better off than they___.
Income; want to be
Happiness; deserve
Wealth; actually are
Investments; should be
49
President FDR passed the New Deal because of the Great Depression in the 1930s. What was the purpose of this program?
To alleviate financial concerns with theUnited Nations
To promote economic recovery and socialreform
To divide the national budget in half anddistribute it
To create a borrowing system within thecountry
50
Before you insert your debit card at the gas pump, you should always . . .
Ask the store clerk if there has been a thief here lately
Pay cash—never use a card at a gas pump
Make sure you have enough money in your account
Check out the card reader to see if it looks different, loose, or worn
51
In 1972, what association made borrowing money to attend college much easier than it had been?
The Federal Student Approval Association(FSAA)
The Student Federal Funding Association(SFFA)
The Student Loan Marketing Association(SLMA)
The Student Loan Approval Association(SLAA)
52
Why should you never buy the extended warranty?
Most retailers will replace/repair product if it stops working within 1 yr.
You should buy the extended warranty. It is a smart financial decision.
The retailers never keep their promises.
Retail items and products rarely break or malfunction.
53
What does it mean to develop power over purchase?
You have power to purchase whatever you want, and you do so.
You are powerless in the face of an impulse purchase.
You are able to slow down & think through your motives before buying stuff.
You can make decisions very quickly when it comes to purchasing items.
54
What should you do if you overspend in one category of your budget?
Just leave it. It will probably work out fine.
Ask a friend for the money you overspent.
Adjust your budget by removing moneyfrom other spending categories.
Take money from the Giving category.You're giving to yourself!
55
Personal finance is 20% head knowledge and 80%____.
Good intentions
Behavior
Motivation
Attitude
56
What does a budget show you?
How much you need to save
How much money you plan to come in andgo out during the month
How much money you need to earn
How much money you spent last month
57
Commission is when you make money based on the percentage of .
Total sales
Investments
Items sold
Budgets
58
What is a way to stay accountable to reaching your financial goals?
Looking at the budget you set at the end ofthe month
Finding a person you trust to help keep youon track with your money goals
Hiring a financial advisor to make yourdecisions about money for you
Creating specific categories in your budget
59
Personal finance is all financial decisions a(n)__must make in order to earn, budget, save, spend & give money over time
Company or organization
Bank
Individual or company
Individual or family
60
What is the best way to avoid running out of money too quickly?
You can make it a habit to plan and set goals for your money.
You can put your money in a safe place, likea bank, and not spend it.
You can invest in college.
You can avoid making any purchases for the next 30 days.
61
Why do stores like scan and go options, apps, and one-click purchases?
It's easier for the retail store clerks.
It makes paying easier & faster, so customers are more likely to overspend.
Digital pay is the way of the future, & stores like being ahead of times.
It’s harder for customers to pay, so they end up saving money.
62
What is one way to practice power over purchase?
Pay with credit cards to earn rewards
Make sure you're sticking to your budget
Spend more money
Make quicker decisions when buying
63
Although the majority of Americans think budgeting is important, about of Americans actually use a budget
75%
50%
35%
23%
64
It's okay to make an online purchase if you're on unsecured Wi-Fi, as long as you log off as soon as you're done.
True
False
65
Using credit has not always been a socially accepted practice, but it has become . . .
Less acceptable
Normal in American culture
A practice used by the wealthy
Necessary for life in America
66
Online budgeting apps are more effective than budgeting with pen and paper
False
True
67
What three questions is the brain always asking?
Can I buy it? Should I buy it? Will I buy it?
Am I safe? What are my surroundings? What are my thoughts?
Am I nervous? Am I mad? Am I scared?
Am I safe? Do I belong? Does this feel good?
68
A money principle to keep in mind is to live on ____you make.
more than
the same as
less than
exactly 20% below what
69
Why is budgeting so important?
It helps you brush up on your math skills.
Figure out the best way to justify purchases that maybe aren't necessary.
Give control of your $ and sets you up for financial success in the future.
Good way to make sure all your money is spent by the end of the month.
70
Avoiding debt can lead to financial freedom and hope.
True
False
71
Why does brand recognition help businesses?
It helps the business recognize their own logo.
It makes their name and logo easily memorable for consumers.
It helps them partner with other businesses.
It keeps the consumer from buying more of their product or service.
72
The primary reason people don't budget is because they lack the behavior to stick to a budget.
False
True
73
How many categories should you have in your budget?
No limit; use as many as you need to keepyour budget accurate!
15 or more
No more than 10 At least 3
74
Companies use marketing to get your prefrontal cortex offline so you'll be vulnerable to impulse purchases.
True
False
75
A budget says what will happen with your money, while a cash-flow statement shows what already happened.
False
True
76
What is the digital marketing strategy that tracks users across the web?
Retargeting
Content marketing
Native ads
YouTube videos
77
What are the Four Walls?
Utilities, college fund, restaurants, and carinsurance
Food, utilities, transportation, and college fund
Food, utilities, shelter, and transportation
Cell phone bill, car insurance, shelter, andmoney for the movies
78
To think big picture, you need to understand that . . .
The best way to be content is to have more money.
Your goals are less important than buying the latest and greatest stuff.
The best way to have more money is to have contentment.
You can buy happiness.
79
What is a good way to make sure you're creating a budget that's realistic?
Make sure you have enough $ in your savings to pull from if you overspend.
Make sure your budget is perfect before starting. If not, don't use it.
Check your calendar so you can plan for upcoming monthly expenses.
Make sure you create a budget everysingle day.
80
It is possible to pay for college with cash.
True
False
81
If you have an irregular income, budgeting won't work for you.
False
True
82
Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.
True
False
83
Your money personality impacts . . .
Your financial literacy level
Your understanding of bank transactions
What you plan for as an adult
How you handle money
84
It's your right as the consumer to . . .
Pitch a fit if you don't like a product you just purchased,&demand a refund
Expect a product to live up to the quality promised before you purchased it
Keep a product even if it malfunctions or has manufacturing issues
Buy whatever you want, as long as you don't go into debt over
85
Creating a budget, having clear money goals, and slowing down to think through a purchase are all practices of a_____.
Foolish consumer
Free spirit
Wise consumer
College student

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