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Chapter 1 Review - Ramsey Classroom Flashcards | StudBud
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Chapter 1 Review - Ramsey Classroom
Chapter 1 Review - Ramsey Classroom
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Chapter 1 Review for Post Test in Ramsey Classroom
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
What is financial Literacy?
That class taught by Jones & Hutch
money reading
basic financial knowledge
boring....
2
Savers have a tendency to be...
Strict with their money and not spend any of it
Strict with purchases but spend money without a plan
Strict with what they spend except for groceries
Strict with purchases for only themselves
3
Being a spender has many more positives than being a saver
False
True
4
List the 2nd of the Five Foundations.
Build wealth and give.
Get out of debt
Pay cash for a car
Pay cash for college
5
Personal financial success is primarily the result of:
Inheriting money
Generous welfare and unemployment programs
Winning the lottery
Managing your money behavior
6
To know your net worth, subtract your liabilities from your
Other liabilities
Assets
Previous net worth
Net Income
7
Using credit has not always been a socially accepted practice, but it has become ...
Necessary for life in America
Normal in American culture
A practice used by the wealthy
Less acceptable
8
Name the 3rd of the Five Foundations.
Pay cash for a car.
Save $500 for emergency fund.
Build wealth and give.
Pay cash for college.
9
It is possible to pay for college with cash
True
False
10
What is the best way to avoid running out of money too quickly?
Avoid making any purchases for the next 30 days
invest in college
put your money in a safe place, like a bank and dont spend it
make it a habit to plan and set goals for your money
11
Personal Finance is ....
Making it rain.
50% behavior & 50% knowledge
Letting people see you wop.
80% behavior & 20% knowledge
12
What is Personal Financial Planning?
all of the financial issues that can affect an individual
all of the financial issues involved in borrowing money
all of the financial issues involved in saving money
the financial issues involved in spending within a budget
13
What is the purpose of the Five Foundations?
to make sure you have money for friends
framework for financial success
for banking information
to spend all your money
14
The percentage of Americans who are living paycheck to paycheck is almost ...
80%
60%
90%
70%
15
Personal Finance is all about... (choose best response)
Getting Rich
Investments
Managing Money Decisions
Not spending
16
What is The First Foundation?
Open a checking account
Pay cash for college
Build wealth and give
Save a $500 emergency fund
17
You are either only a natural saver or a natural spender. You cannot have a balance of both.
False
True
18
You should always make sure you have a
Credit line
Credit Card
Budget
Direct deposit
19
Almost half of all Americans report having less than _____________in savings.
$5,000
$10,000
$1000
$500
20
Making the right choices with your money-managing your money-involves knowing how.......
Earning, budgeting, saving, spending, and giving affect you money
Planning, saving, spending,& investing will define your financial portfolio
Consumer decisions will affect your accounts
To make bank deposits using registers with the appropriate transactions
21
To gain an understanding of your personal finances you should know
Your investment portfolio and your financial advisor's contact information
Where you stand financially, how much income you have, and your goals
Your financial goals
How much you have
22
Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal
True
False
23
A money principle to keep in mind is to live on _____ you make.
more than
the same as
less than
Exactly 20% below what
24
Name the 4th of the Five Foundations.
Pay cash for a car
Pay cash for college.
$500 emergency fund.
Build wealth and give.
