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- 1. Multiple ChoiceWhat is Dave Ramsey's First Foundation of Personal Finance?Save MoneyDon't spend money$25 Emergency Fund$500 Emergency Fund
- 2. Multiple ChoiceWhat is an example that you can use the $500 Emergency Fund for?GroceriesCar broke downYour friend needs $50Black Ops III
- 3. Multiple ChoiceIs it a good idea to keep your Emergency Fund mixed with your everyday spending money?YesNo
- 4. Multiple Choice
What is the Second foundation of personal finance?Get out of DebtBuy Stuff$100 Emergency FundFinance your Car - 5. Multiple ChoiceWhat is the Third foundation of Personal Finance?Pay cash for stuff5 year financing on car purchasesPay cash for your car4 year financing on car purchases
- 6. Multiple ChoiceWhat is the Fourth foundation of Personal Finance?Go to a cheap collegeAvoid Private SchoolsGet financial aidPay cash for college
- 7. Multiple ChoiceWhat is the Fifth foundation of Personal Finance?Build Wealth and GivePay cash for your boatSpend, Spend, SpendPay cash for vacation home
- 8. Multiple ChoiceWho is in charge of saving for your retirement?Your familyYouThe governmentObama
- 9. Multiple ChoiceWhat is a 401(k)?A college courseRetirement Investment/Savings AccountA checking accountCalculus
- 10. Multiple ChoiceWhat is it that helps your 401(k) grow so much?Compound InterestGood BrokersWorking Really Hard
- 11. Multiple ChoiceAn account that generates interest income on the available balance in the accountInterest Bearing AccountCompound InterestSimple InterestInflation
- 12. Multiple ChoiceThe five steps to financial successThe Five ComplimentsThe Five FoundationsThe Five Freedom StepsThe Five Money Saving Steps
- 13. Multiple ChoiceA savings account that is set aside to be used only for emergency expensesSafety FundEmergency FundSavings FundExpense Fund
- 14. Multiple ChoiceInterest paid on interest previously earnedSimple InterestFrequent InterestInterest AccountCompound Interest
- 15. Multiple Choice
Saving money over time for a large purchase
Savings Account
Sinking Fund
Checking Account
Interest Bearing Account
- 16. Multiple ChoiceA rate which is either charged (on debt) or paid (on investment accounts) for the use of moneyInterest RateSavings RateInflation RateInterest Percentage
- 17. Multiple ChoiceThe persistent increase in the cost of goods and services or the persistent decline in the purchasing power of moneyDeflationInterestInflationRecession
- 18. Multiple ChoiceWhen it comes to saving money, the amount you save is determined by how much you have left at the end of the month once all of your spending is done.TrueFalse
- 19. Multiple ChoiceYour income level greatly affects you saving habitsFalseTrue
- 20. Multiple ChoiceAt your age, a fully funded emergency fund should be...$1000$5000$500$100
- 21. Multiple ChoiceWhich of the following is not one of the three basic reasons for saving moneyLarge PurchasesHave money available to lend to friendsEmergency FundBuild Wealth
- 22. Multiple ChoiceInstead of borrowing money for large purchases, you should set money aside in a _________ over time and pay with cash.Mortgage FundCredit Card FundEmergency FundSinking Fund
- 23. Multiple ChoiceCalculate the compound interest for this problem. $1,000 at 6% interest for 3 Years.$969.39$1,180.00$1,191.02$1,881.60
- 24. Multiple ChoiceWhat two things do you consider when evaluating the time value of money?Opportunity Cost and PriceInflation and Interest EarnedSales Price and Cost of GoodsInterest and Sale Price
- 25. Multiple ChoiceWhat is the yearly fee charged for having credit called?Annual FeeCredit CardOver the Limit FeeUser Fee
- 26. Multiple ChoiceWhat percentage of people are living 'paycheck to paycheck' (before they get their next paycheck, they are struggling and almost out of money)?10%30%50%70%
- 27. Multiple ChoiceWhat was the first credit card?Diner's ClubVisaDiscoverChevrolet
- 28. Multiple ChoiceWhat is a late fee?A fee charged by a credit agency when you pay your bill lateA fee that is charged late at nightAn amount charge for letting you borrow moneyA delicious coffee like beverage
- 29. Multiple ChoiceWho is a huge target for credit card companies?AdultsTeenagersInfantsSenior Citizens
- 30. Multiple ChoiceWhat is the difference between a credit card and a debit card?A debit card is subtracted from your checking account. A credit card is not attached to your checking account.A credit card is subtracted from your checking account. A debit card has a credit limit.
- 31. Multiple ChoiceThe least amount that must be paid on a credit card each month is:Minimum PaymentLate FeeCredit Limitmoney time
- 32. Multiple ChoiceHow can a cardholder avoid paying interest on a credit card?Pay the balance in full every monthPay the minimum payment after its due dateDo not pay anythingPay the minimum balance every month
- 33. Multiple ChoiceA credit report is a report showing a borrower's history of how well they paid their bills.TrueFalse
- 34. Multiple Choice1) Which of the following is not a true statementAfter 1970, consumer debt skyrocketed.The credit industry in America has not changed much since 1917.Americans learned to borrow amidst post-WWII prosperity.As banks made higher profits, they were willing to lend more money to consumers.
- 35. Multiple ChoicePersonal Financial success is primarily the result of) Inheriting money from your parentsWinning the lottery) Generous welfare and unemployment programsManaging your money behavior
- 36. Multiple Choicewhich of the following is not one of the three basic reasons for saving moneyBuild wealthEmergency fundHave money available to lend to friendsLarge purchases
- 37. Multiple ChoiceSaving is aboutContentment and emotionPride and greedContentment and earning more moneyMaking more money and discipline
- 38. Multiple ChoiceMost Americans avoid the use of credit when it comes to buying big-ticket items like a car or furniture for their homeTrueFalse
- 39. Multiple ChoiceMost Americans today are wealthy and will have financial security when they retireTrueFalse
- 40. Multiple ChoiceWhen developing a personal financial plan, one of the first things you should do is assess your current financial situation. This includes your income, assets and liabilities.TrueFalse
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