Personal Finance Chapter 10

If you value security, you are more likely to:

• Make Impulse buys

• Save money

• Spend money

• All of the above

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 the above

When it comes to communicating with others about money, you should not:

• Manipulate

• Listen

• Be honest

• Pick the right time and place

When communicating with your parents about money, you should:

• Communicate your wants, needs, and money goals

• Be honest

• Be a good listner

• All of the above

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

• Stress

• Divorce

• Conflict

• All of the above

Which of the following statements is false?

• When handling money, it can be difficult to balance who you are with what you should do.

• Being aware of your money personality will help you create a money plan that works for you.

• When it comes to relating with others about money, it's important to also consider their values.

• If you value freedom and spontaneity, you're more likely to be a saver.

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

• Your goals are your goals. There is no need to share them.

• They can provide financial support in case you make mistakes.

• It will allow others to help you by providing accountability and encouragement along the way.

• They can write your monthly budget.

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.

• Managing finances in a marriage takes teamwork.

• 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.

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

• Let a parent manage their finances

• It is unlikely that a young person will make money mistakes

• Seek advice from a trusted adult

• Realize that mistakes are unavoidable

Which of the following is not a rule for the "budget committee meeting"?

• The Nerd should be the one to prepare the budget.

• The decision making must be done by both people.

• The meeting should go on for however long it takes in order to come up with a complex and detailed budget.

• You should write a zero-based budget in which you spend every dollar on paper before the month begins.