EPF Final Exam SP '24

Making the right choices with your money—managing your money—involves knowing how . . .

• Planning, saving, spending, and investing will define your financial portfolio

• To make bank deposits using registers with the appropriate transactions listed

• Consumer decisions will affect your accounts

• Earning, budgeting, saving, spending, and giving affect your money

You should always make sure you 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 principle to keep in mind is to live on ___________________ you make.

• Exactly 20% below what

• More than

• The same as

• Less than

Personal finance is 20% _____________ and 80% _________________.

• Head knowledge; behavior

• Behavior; head knowledge

• Cause; effect

• Reactions; behaviors

A _________________ financial goal takes up to two years to reach.

• Five-level

• Short-term

• Medium-term

• Long-term

What is The Fifth Foundation?

• Pay cash for your car.

• Get out and stay out of debt.

• Find a financial professional.

• Build wealth and give.

What is financial literacy?

• The content provided in bank statements for consumers

• The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively

• The curriculum provided to college students about finances for their degrees

• The skills to read financial documents for personal finance classes, goals, and statements

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

• Other liabilities

• Net income

• Previous net worth

• Assets

To gain an understanding of your personal finances, you should know . . .

• Your financial goals

• Where you stand financially, how much income you have, what goals you want to set, and how you’ll reach those goals

• How much income you have

• Your investment portfolio and your financial advisors’ contact information