7th Grade Chapter 1

Personal finance simply means how

• much money you have

• how much money you spend

• how you handle your money

• how you spend your money

Which is one of the 5 foundations?

• Save a $100 emergency fund

• Save a $500 emergency fund

• Save a $300 emergency fund

• Save a $1000 emergency fund

Personal finance is about 80% behavior and 20% head knowledge

• True

• False

Becoming money smart involves 4 things. Which does NOT belong?

• Save

• Spend

• Work

• Credit

Debt is _____ ______ to anyone for any reason

• owing credit

• owing anything

• owing a favor

• owing money

How much money a person, family, or business can claim as total value is ...

• Net Work

• Debt

• Available income

• Net Worth

How do you figure Net Worth?

• Subtract liabilities from assets

• Add liabilities and assets

• Subtract assets from liabilities

• Check your bank statement

If you receive money as a gift or for work, how much should you put away for savings?

• All of it

• Some of it

• None - Spend it while you can

• Half of it

There are 3 reasons to save. Which is NOT one of them?

• Emergency Fund

• Wealth Building

• Purchases

• Investments

Extra cash to use when things come up that you were not expecting

• Purchases

• Wealth-building

• Emergency Fund

• Credit