Foundations in Personal Finance Chapter 10

If you value security, you are more likely to: 

• Spend money 
• Save money
• Make impulse buys 
• All of these 

When communicating with your parents about money, you should: 

• Be honest
• Be a good listener
• Communicate your wants, needs, and money goals
• All of these 

Which of the following statements is false? 

• When it comes to relating with others about money, it's important to also consider their values.
• When handling money, it can be difficult to balance who you are with what you should do.
• If you value freedom and spontaneity, you're more likely to be a saver.
• Being aware of your money personality will help you create a money plan that works for you.

When married couples do not share goals and values in how they manage money, which of the following can occur?

• Divorce 
• Conflict
• Stress 
• All of these

Which of the following can be a challenge when managing money on your own as a young single adult?

• Impulse buying due to lack of an accountability partner
• Not keeping a written budget
• Time poverty and fatigue
• All of these 

Which of the following statements regarding marriage and money is false? 

• When you agree on your spending, that means that you also agree on your value system.
• In a marriage, you are financially accountable to one another.
• It is okay to hide purchases from your spouse as long as you have the cash to pay for it.
• Managing finances in a marriage takes teamwork.

You should communicate your money goals with your parents and others close to you because: 

• It will allow others to help you by providing accountability and encouragement along the way
• They can write your monthly budget
• Your goals are your goals. There is no need to share them.
• They can provide financial support in case you make mistakes

A great way for a young person to avoid making money mistakes is to: 

• Let a parent manage their finances
• Seek advice from a trusted adult
• It is unlikely that a young person will make money mistakes
• Realize that mistakes are unavoidable

The number-one cause of divorce in America is: 

• The in-laws 
• Money fights
• Religious differences 
• None of these

The flow of money in a family represents the ________ under which that family operates. 

• Value system 
• Income level 
• Security
• Sophistication