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Ramsey Chapter 2 - Saving Flashcards | StudBud
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Ramsey Chapter 2 - Saving
Ramsey Chapter 2 - Saving
23 terms
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This quiz coordinates to chapter 2 of the Dave Ramsey videos.
Flashcards
23 cards
F
Practice quiz
P
Host live
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Questions
23
Answers
1
The letter that represents the interest rate
t
n
r
p
2
T or F Your ability to save is based on your earnings.
False
True
3
What is your largest wealth building tool?
Your discipline
Your Income
Your savings account
Your behavior
4
Emergency funds for adults should include
one year worth of salary
$500
$5,000
3-6 months of expenses
5
Where should your emergency fund be kept?
Separate account
Hidden under your mattress
In your wallet
In your savings account
6
Money set aside for a 'rainy day' is called
a savings account
fun money
an interest-bearing account
an emergency fund
7
An investment that generates interest provided you leave it until it reaches a maturity date
CD
mutual funds
savings
checking account
8
Which of the following is NOT a reason to save?
Emergencies
Large purchases
Building wealth
To go to the movies
9
The interest paid on interest previously earned
interest-bearing account
compound interest
building interest
simple interest
10
The knowledge and skillset necessary to be an informed consumer and manage finances effectively
financial literacy
goals
planning
behavior
11
Saving money over time for a large purchase
credit
profit
emergency fund
sinking fund
12
Reason teens save money
Car
Emergency Fund
College
All listed
13
An account that generates interest income on the available balance in the account
CD
emergency fund
financing
interest-bearing account
14
The letter that represents the principal portion of the interest formulas
n
t
r
P
15
What is the key ingredient when it comes to wealth building?
Discipline
Saving
Behavior
Friends
16
Wealth building is a ________________, not a sprint.
life skill
marathon
competition
way of life
17
A negative savings rate means
spending more money than you make
having no savings
saving for a want instead of a need
having a full emergency fund
18
T or F An emergency fund is intended to grow wealth.
False
True
19
Ben and Arthur discovered
the length of time money is invested matters
both rate of return and the length of the investment matters
rate of return on your investment matters
they both have the best brother
20
The letter that represents the duration of time over which interest is calculated
P
t
n
r
21
The amount a high school student should have in an emergency fund
$200
$500
$1,000
High school students don't need an emergency fund
22
A continual rise in the price of goods and services over a period of time
interest
deflation
inflation
recession
23
What is the law that states, "If it can go wrong, it will go wrong"?
Zamzow's Law
Dave Ramsey's Law
Fisher's Law
Murphy's Law
