Personal Finance Final

When it comes to managing money, success is about ___________% knowledge ad _____________% behavior

• 60,40

• 50, 50

• 20, 80

Which of the following best explains why students should learn about personal finance?

• Learning to manage money will help you achieve a profitable career

• Learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future

• Personal finance skills are better learned through trial and error

When it comes to personal finance, the math is easy. What is challenging is managing your___________.

• Bank account

• Behavior

• Friends

• Income

Which of the following statements best explains why income alone does not determine wealth?

• How much money a person makes does not dictate his or her spending and saving behavior.

• Only people who are natural savers can become wealthy

• Income alone does determine a person's wealth

Most Americans avoid the use of credit when it comes to buying big-ticket items like a car, or furniture for their homes

• True

• False

When developing a personal finance plan, one of the first things you should do is assess your current financial situation. This includes your income, assets and liabilities.

• True

• False

At your age, a fully funded emergency fund should be:

• $500

• $5000

• $100

Which of the following is not one of the three basic reasons for saving money?

• Build wealth

• Have money to lend to friends

• Emergency fund

• Large purchases

Which of these is not a key to saving money?

• Discipline

• Your Income

• Making saving a habit and a priority

Which of the following is a reason that people do not save money?

• They lack discipline

• They lack focus

• They do not live on a budget

• All of the above