Chapter 1 - Intro to Personal Finance

Personal Finance is what % head knowledge

• 40

• 80

• 20

• 75

An _______ is what you own that has financial value.

• Liability

• Asset

• Interest

• Credit

What is the 1st key component of Financial Planning?

• assess your financial goal

• assess your financial situation

• write out a detailed plan

• write & assess your smart goal

What % of Americans are living paycheck to paycheck?

What was Dave's largest lesson learned?

• How to live above his means

• How to spend more than he made

• How to control the man in the mirror - his behavior

• How to Save

Why do most college students drop out?

• Money Issues

• Family Problems

• Classes hard to comprehend

• Bad Grades

During the Great Depression, New Deal policy makers came up with ________ that convinced banks ___________:

• mortgages: that consumer credit could be profitable

• Credit cards : that spending was not acceptable

• mortgages: that consumer credit was not profitable

• loans for purchases: that credit was acceptable

A person who gives out loans at extremely high interest rate

• loan executive

• loan officer

• loan shark

• banks

You arrange your finances in such a way that your wealth generates your income.

• Secure

• Survival

• Top -level

• Survival

You have a basic understanding of money management: still bills but you pay yourself.

• secure

• comfort

• survival

• Top-level security