Ch 3 - Budgeting (PF)

At your age, a fully funded emergency fund should be (according to Dave Ramsey)

• $250
• $500
• $1,000
• $500

Which of the following is not recommended in the debt snowball method of getting out of debt? 

• Pay off one debt at a time
• Stop making credit card payments
• Prioritize your debts
• Start small

When it comes to managing money, success is about __________ % knowledge and _________% behavior. 

• 80, 20
• 20, 80

Which of the following is not recommended when you are cash-flowing your college situation?

• Use all your paychecks to pay your college debts
• Apply for any and all scholarships available
• Maintain a good GPA
• Take only the easy classes

Everyone should have the same financial plan. A budget that works for one person should be sufficient for everyone. 

• true
• false

When you're in high school, you won't have the same emergency expenses as your parents. 

• true
• false

When 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. 

• true
• false

Expensive houses and new cars are a true identification of wealth.

• true
• false

It is okay to use a credit card if you pay it off every month (according to Dave)

• true
• false

The best time to make your budget is after you've spent your money

• true
• false