Savers have a tendency to be . . .

Strict with their money and not spend any of it

After WWI, the demand for products increased, people began getting credit without loan sharks. Because of this, credit…

Started to become more socially acceptable

What is financial literacy?

skill base necessary for people to be informed consumers andmanage their

After World War I, people began getting credit without loan sharks. Because of this, credit…

Started to become more socially acceptable

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

Earning, budgeting, saving, spending, and giving affect your money

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.

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.

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

Where you stand financially, how much income you have, what goals

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Personal Finance Ch1

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Questions 19

Answers

1
Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.
True
False
2
Being a spender has many more positives than being a saver.
True
False
3
What is The First Foundation?
Open a checking account.
Save a $500 emergency fund
Pay cash for college.
Build wealth and give.
4
To know your net worth, subtract your liabilities from your ____.
Other liabilities
Previous net worth
Net income
Assets
5
Personal finance is all the financial decisions must make in order to earn, budget, save spend and give money over time.
Bank
Individual or company
Individual or family
Company or organization
6
Savers have a tendency to be . . .
Strict with what they spend their money on, other than groceries
Strict with their money and not spend any of it
Strict with their purchases but spend money without a plan
. Strict with only purchases for themselves
7
A money principle to keep in mind is to live on you make
The same as
Exactly 20% below what
Less than
More than
8
A money principle to keep in mind is to live on you make
More than
. The same as
Exactly 20% below what
Less than
9
After WWI, the demand for products increased, people began getting credit without loan sharks. Because of this, credit…
Was devalued in the marketplace
Increased so rapidly, loan sharks became obsolete
Was offered at even higher interest rates by loan sharks
Started to become more socially acceptable
10
To know your net worth, subtract your liabilities from your
Other liabilities
Net income
Assets
Previous net worth
11
What is financial literacy?
skill base necessary for people to be informed consumers andmanage their
The content provided in bank statements for consumers
curriculum provided to college students about finances for their degrees
The skills to read financial documents for personal finance classes,
12
After World War I, people began getting credit without loan sharks. Because of this, credit…
Was devalued in the marketplace
Started to become more socially acceptable
Increased so rapidly, loan sharks became obsolete
Was offered at even higher interest rates by loan sharks
13
You should always make sure you have a…
. Credit line
Budget
Credit card
Direct deposit
14
Making the right choices with your money—managing your money—involves knowing how . . .
Earning, budgeting, saving, spending, and giving affect your money
Consumer decisions will affect your accounts
make bank deposits using registers with the transactions listed
Planning, saving, spending, and investing will define yourportfolio
15
What is the best way to avoid running out of money too quickly?
You can invest in college.
You can put your money in a safe place, like a bank, and not spend it.
You can make it a habit to plan and set goals for your money.
.You can make it a habit to plan and set goals for your money.
16
It is possible to pay for college with cash.
True
You don't ever have to pay for college
False
Only If you go to a college you don't like.
17
What is the best way to avoid running out of money too quickly?
. You can put your money in a safe place, like a bank, and not spend it.
You can invest in college
You can avoid making any purchases for the next 30 days.
You can make it a habit to plan and set goals for your money.
18
To gain an understanding of your personal finances, you should know . . .
Your financial goals
Your investment portfolio and your financial advisors’ contact information
How much income you have
Where you stand financially, how much income you have, what goals
19
Avoiding debt can lead to financial freedom and hope
True
False

Personal Finance Ch1 Flashcards | StudBud