Chapter 1 Review: Introduction to Personal Finance

Having a(n) __________ means the amount of your liabilities is larger than the value of your assets.

• Personal Finance

• Negative Net Worth

• Asset

• Interest

__________ means having the knowledge and skills to manage your personal finances.

• Interest

• Paycheck to Paycheck

• Financial Literacy

• Interest Rate

As a(n) __________, it‘s up to you to make choices about what you buy and use.

• Paycheck to Paycheck

• Financial Literacy

• Interest Rate

• Consumer

__________ is a fee charged for using borrowed money for a purchase.

• Negative Net Worth

• Asset

• Interest

• Negative Net Worth

  Asset

  Interest

  Paycheck to Paycheck

American culture and businesses have convinced consumers that using __________ is normal.

• Credit

• Net Worth

• Loan Shark

• Debt

__________ relates to all of the different money decisions you make each day.

• Personal Finance

• Negative Net Worth

• Asset

• Interest

Knowing your __________ is the starting point for a financial plan.

• Liability

• Financial Plan

• Credit

• Net Worth

A(n) ___________ is anything you own that has value.

• Personal Finance

• Negative Net Worth

• Asset

• Interest

The percentage of Americans who are living paycheck to paycheck is almost . . .

• 60%

• 70%

• 90%

• 80%

Personal finance is 20% head knowledge about money. What‘s the other 80%?

• Cash in the bank

• Experience

• Relationships

• Behavior