
Foundations in Personal Finance Unit 1
Quiz
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Other
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10th - 12th Grade
•
Medium
Melissa Gore
Used 17+ times
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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements best describes how Americans are being outsmarted by banks and other lenders?
Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees continue to destroy our financial well-being
We are taught that we can buy happiness
Buying things on credit has become acceptable in our culture
We are driven by consumerism
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Having debt keeps you from building wealth.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements best explains why income alone does not determine wealth?
Investing is the only factor that contributes to wealth planning
Income alone does determine a person's wealth
Only people who are natural savers can become wealthy
How much money a person makes does not dictate his or her spending and saving behavior
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a true statement?
Americans learned to borrow amidst post-WWII prosperity
The credit industry in America has not changed much since 1917.
After 1970, consumer debt skyrocketed
As banks made higher profits, they were willing to lend more money to consumers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not a benefit of understanding your own money personality?
Recognizing who you are allows you the opportunity to grow and learn
Once you know your money personality, you can develop a financial plan that works for your
Knowing your money personality allows you to excuse excessive spending because it is simply part of your nature
None of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Key components of financial planning include all of the following 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 major money decisions
Regularly monitor and reassess your financial plan
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