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Business
11th -
Professional Development
Dave Ramsey Chapter 1 - Review
26 questions
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- 1. Multiple Choice
All are key components of financial planning except:
Write out a detailed plan for accomplishing your goals.
Replace money myths with money truths
Allow your financial planner to make all of your decisions.
Regularly monitor and reassess your financial plan.
- 2. Multiple Choice
Which of the following statements best describes how Americans are being outsmarted by banks?
Credit is marketed so well that we want to have it.
We are taught that we can buy happiness.
Buying things on credit has become acceptable in our culture
We are driven by consumerism.
- 3. Multiple Choice
Personal financial success is primarily the result of:
Managing your money behavior
Winning the lottery
Generous welfare and unemployment programs
Inheriting money from your relatives
- 4. Multiple Choice
Which of the following statements best explains why income alone does not determine wealth?
Investing is the only factor that contributes to wealth
Income alone does not determine wealth
Only people who are natural savers can become wealthy
The money a person makes does not dictate her spending behavior.
- 5. Multiple Choice
Which of the following is a consequence of spending more than you make?
Missed opportunities to save and invest
Stress
A cycle of debt
All of these
- 6. Multiple Choice
Which of the following is not a true statement:
Americans learned to borrow during post WWII prosperity
The credit industry in America has not changed much since 1917
After 1970, consumer debt skyrocketed
As banks made profits, they lent more money to consumers
- 7. Multiple Choice
When it comes to managing money, successes about _____% knowledge and _______% behavior.
50,50
60,40
80,20
20,80
- 8. Multiple Choice
The widespread financial insecurity of Americans is primarily because:
The incomes of Americans are low
Savings rate of Americans is low and they spend more
Government programs cannot help people when they are disabled
Most Americans save a high proportion of their income.
- 9. Multiple Choice
Which of the following is not a factor in becoming money smart?
Have knowledge in basic math
Learn the language of money
Manage your behavior with your money
Learn how to read your credit card statements
- 10. Multiple Choice
Why was the use of credit uncommon before 1917?
Laws prevented lenders from charging high interest rates
Borrowing money was generally not socially acceptable
Lending money to others was not profitable
All of the above
- 11. Multiple Choice
When it comes to personal finance, the math is easy, What's challenging is managing your
Behavior
Income
Friends
Bank account
- 12. Multiple Choice
Most Americans today are wealthy and will have financial security when they retire
True
Fales
I don't care
Maybe
- 13. Multiple Choice
Most Americans avoid the use of credit when it comes to buying big ticket items like a car or a house.
Maybe
True
False
I don't know
- 14. Multiple Choice
Learning the language of money is not important because you will be able to depend on others
True
False
Maybe
I do not know
- 15. Multiple Choice
Having debt keeps you from building wealth
True
False
Maybe
I do not know
- 16. Multiple Choice
Expensive houses and new cars are a true indication of wealth
True
False
Not usually
I do not know
- 17. Multiple Choice
A person or business that offers loans at extremely high interest rates is called:
Bookie
Retail store
A loan shark
Bank
- 18. Multiple Choice
The knowledge and skillset necessary to be an informed consumer and manage finances effectively
Financial Literacy
Saving
Budgeting
Investing
- 19. Multiple Choice
A fee paid by a borrower to a lender for the use of borrowed money.
Loan
Economy
Interest
Credit
- 20. Multiple Choice
An obligation of repayment owed by one party (debtor/borrower) to a second party (creditor/lender)
Debt
Consumer
Economy
Interest
- 21. Multiple Choice
A person or organization that buys / uses goods or services
Consumer
personal finance
debt
loan
- 22. Multiple Choice
A debt evidenced by a "note" which specifies the principal amount, interest rate, and date of repayment (example is a house mortgage)
Personal Finance
Savings
Interest
Loan
- 23. Multiple Choice
The granting of a loan and the creation of a debt; any form of deferred payment
Credit
Savings
Economy
Personal Finance
- 24. Multiple Choice
A system in which goods and services are produced and distributed.
Credit
Loan
My Teacher
Economy
- 25. Multiple Choice
The knowledge and skillset necessary to be an informed consumer and manage finances effectively.
Economy
Financial Literacy
Loan
Savings
- 26. Multiple Choice
All of the decisions and activities of an individual or family regarding their money; including spending; saving, budgeting, etc.
I am awesome
I love this class
Mrs. Schlader is my favorite teacher in the whole world!
Personal Finance
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