Personal Finance Final Study Guide

You should always have a.....

• Budget

• Credit Line

• Direct Deposit

• Credit Card

What is the First Foundation?

• Pay Cash for College

• Build Wealth and Give

• Save a $500 Emergency Fund

• Open a Checking Account

A money principal to keep in mind is to live on ____________ you make.

• Exactly 20% below

• More than

• The Same As

• Less than

To know your net worth, subtract your liabilities from your _____________.

• Other liabilities

• Net Income

• Previous Net Worth

• Assets

Is it possible to pay for college with cash?

• True

• False

When you set financial goals, they should be...

• Timely, bank based, specific, and yours

• Specific, measurable, time sensitive, yours, and written

• Specific and Measurable

• Only time sensitive

Personal Finance is 20% ____________ and 80% ______________ .

• Head knowledge / Behavior

• Behavior / Head Knowledge

• Cause / Effect

• Reactions / Behaviors

Without debt you can be outrageously __________________.

• Selfish

• Generous

• Cautious

• Thrifty

Most American think that budgeting is important, hoever, only about __________ of Americans actually use a budget.

• 75%

• 50%

• 23%

• 35%

What are the "Four Walls" of a good budget?

• Utilities, College Fund, Restaurants, and Car Insurance

• Cell Phone Bill, Car Insurance, Shelter, and Money for Movies

• Food, Utilities, Transportation, and College Fund

• Food, Utilities, Shelter, and Transportation