Foundations in Personal Finance Chapter 10

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

• Let a parent manage their finances

• Realize that mistakes are unavoidable

• Seek advice from a trusted adult

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

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 listener

• all of the above

If you value security, you are more likely to:

• Make Impulse buys

• Spend money

• Save money

• All of the above

The number-one cause of divorce in America is:

• the in-laws

• money fights

• religious differences

• none of the above

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

• divorce

• stress

• conflict

• all of the above

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.

• It is okay to hide purchases from your spouse as long as you have the cash to pay for it.

• In a marriage, you are financially accountable to one another.

• Managing finances in a marriage takes teamwork.

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, itʹs important to also consider their values.

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

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

Discussing important financial matters with household members can reduce conflict.

• True

• False