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CH1 Test Ramsey Classroom 2021-22 Flashcards | StudBud
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CH1 Test Ramsey Classroom 2021-22
What are The Five Foundations?
Your money personality impacts . . .
CH1 Test Ramsey Classroom 2021-22
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Answers
1
Your money personality impacts . . .
A. Your understanding of bank transactions
B. How you handle money
2
What are The Five Foundations?
A. A personal financial action plan
B. A starting point for adults regarding finances
3
When you set financial goals, they should be . . .
A. Timely, bank-based, specific, and yours
B. Specific, measurable, time-sensitive, yours, and written
4
You should always make sure you have a
credit card
budget
5
To gain an understanding of your personal finances, you should know
your financial goals
where you stand financially, how much income you have, what goals you want
6
What is the best way to avoid running out of money too quickly?
A. You can make it a habit to plan and set goals for your money.
B. You can avoid making any purchases for the next 30 days.
7
FDR passed the New Deal because of the Great Depression in the 1930s. What was the purpose of this program?
A. To promote economic recovery and social reform
B. To create a borrowing system within the country
8
In 1972, what association made borrowing money to attend college much easier than it had been?
A. The Student Loan Marketing Association (SLMA)
B. The Student Loan Approval Association
9
What is The Fifth Foundation?
D. Build wealth and give.
C. Find a financial professional.
10
What is The First Foundation?
D. Open a checking account.
C. Save a $500 emergency fund.
11
Avoiding debt can lead to financial freedom and hope.
false
true
12
An important money principle to consider is that you should _________ and ___________ your money.
B. Invest; lay out
A. Save; invest
13
Without any debt, you can be outrageously .
A. Selfish
B. Generous
14
A financial goal takes that takes up to two years to reach.
B. Short-term
A. Five-level
15
Using credit has not always been a socially accepted practice, but it has become . . .
D. Normal in American culture
C. Necessary for life in America
16
PF is all the financial decisions a(n) _____ must make in order to earn, budget, save, spend and give money over time.
A. Individual or family
B. Company or organization
17
It is possible to pay for college with cash.
true
false
18
What does living paycheck to paycheck mean?
B. person can't plan past next paycheck due to financial & budget problems
A. someone awaits next paycheck to plan for the month's expenses
19
Being a spender has many more positives than being a saver.
False
True
20
Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal
true
false
21
Personal finance is 20% _________ and 80% ____________.
B. Behavior; head knowledge
A. Head knowledge; behavior
22
Making the right choices with your money - managing your $- involves knowing how
Consumer decision will affect your accounts
Earning, budgeting, saving , spending & giving affect your money
23
If your assets total more than your liabilities, you will have a(n) ____________ net worth.
C. Positive
D. Unknown
24
As a single adult, you should . . .
B. Have an accountability partner you trust somewhat
A. Keep managing your money as a priority
25
After WWI, demand for products increased, and people began getting credit without loan sharks. Because of this, credit
B. Increased so rapidly, loan sharks became obsolete
A. Started to become more socially acceptable
26
A money principle to keep in mind is to live on ____________ you make.
D. Less than
C. The same as
27
What is financial literacy?
The content provided in bank statements for consumers
knowledge&skill needed for people to be informed consumers & manage their $
28
Savers have a tendency to be . . .
C. Strict with what they spend their money on, other than groceries
D. Strict with their money and not spend any of it
29
To know your net worth, subtract your liabilities from your .
D. Assets
C. Previous net worth
30
You are either only a natural saver or a natural spender. You cannot have a balance of both.
false
true
