Ramsey Chapter 1 Lesson 5 five foundations review quiz

How much should you save for an emergency fund (according to the 5 foundations)

• $250

• $500

• $1,000

• $2,500

A student broke their chrombook, now they have to pay for it. Should they use their emergency fund?

• Yes

• No

Explain why you think so....

Do you have a $500 Emergency fund?

• Yes

• No

• I'm working on it

• No but I will make one when I get a job.

The second foundation is get out of debt and ______ out of debt

The third foundation is....

• Pay cash for your house

• Finance your car

• Pay cash for your car

• build a good credit score

What is your most powerful wealth building tool

• A wrench

• your credit score

• airline miles

• your income

How does debt, car payments, and student loans rob you of most powerful wealth building tool?

the fourth foundation is pay cash for...

• college

• video games

• gas

• groceries

Pay cash for college? How could you do that. list at least 3 ideas of how you could do that.