personal finance review

The five steps to financial success

• The Five Compliments
• The Five Foundations
• The Five Freedom Steps
• The Five Money Saving Steps

A savings account that is set aside to be used only for emergency expenses

• Safety Fund
• Emergency Fund
• Savings Fund
• Expense Fund

Interest paid on interest previously earned

• Simple Interest
• Frequent Interest
• Interest Account
• Compound Interest

At your age, a fully funded emergency fund should be...

• $1000
• $5000
• $500
• $100

Tags

CCSS.6.RP.A.3B

Which of the following is not one of the three basic reasons for saving money

• Large Purchases
• Have money available to lend to friends
• Emergency Fund
• Build Wealth

Instead of borrowing money for large purchases, you should set money aside in a _________ over time and pay with cash.

• Mortgage Fund
• Credit Card Fund
• Emergency Fund
• Sinking Fund

What is the first foundation?

• Pay cash for College
• Get Out of Debt
• Pay Cash for Your Car
• Save a $500 Emergency Fund

What is the second foundation

• Save a $500 Emergency Fund
• Build Wealth and Save
• Get Out of Debt
• Pay Cash for Your Car

Credit cards and car loans are a GREAT idea for most people.

• True

• False

Prior to the 1970’s, debt was something most Americans were ashamed of.

• True

• False

Tags

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RL.8.2