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WorksheetsPersonal Finance Chapter 10
Total questions: 35
Worksheet time: 18mins
If you value security, you are more likely to:
Make Impulse buys
Save money
Spend money
All of the above
Which of the following can be a challenge when managing money on your own as a young single adult?
Impulse buying due to lack of an accountability partner
Not keeping a written budget
Time poverty and fatigue
All of the above
When it comes to communicating with others about money, you should not:
Manipulate
Listen
Be honest
Pick the right time and place
When communicating with your parents about money, you should:
Communicate your wants, needs, and money goals
Be honest
Be a good listner
All of the above
When married couples do not share goals and values in how they manage money, which of the following can occur?
Stress
Divorce
Conflict
All of the above
Which of the following statements is false?
When handling money, it can be difficult to balance who you are with what you should do.
Being aware of your money personality will help you create a money plan that works for you.
When it comes to relating with others about money, it's important to also consider their values.
If you value freedom and spontaneity, you're more likely to be a saver.
You should communicate your money goals with your parents and others close to you because:
Your goals are your goals. There is no need to share them.
They can provide financial support in case you make mistakes.
It will allow others to help you by providing accountability and encouragement along the way.
They can write your monthly budget.
Which of the following statements regarding marriage and money is false?
When you agree on your spending, that means that you also agree on your value system.
Managing finances in a marriage takes teamwork.
In a marriage, you are financially accountable to one another.
It is okay to hide purchases from your spouse as long as you have the cash to pay for it.
A great way for a young person to avoid making money mistakes is to:
Let a parent manage their finances
It is unlikely that a young person will make money mistakes
Seek advice from a trusted adult
Realize that mistakes are unavoidable
Which of the following is not a rule for the "budget committee meeting"?
The Nerd should be the one to prepare the budget.
The decision making must be done by both people.
The meeting should go on for however long it takes in order to come up with a complex and detailed budget.
You should write a zero-based budget in which you spend every dollar on paper before the month begins.
The number-one cause of divorce in America is:
Money fights
Religious differences
The in-laws
None of the above
Since men and women are different, who is supposed to do the financial decision making in a marriage?
The wife
Both spouses
They should each manage their own money
The husband
For women, the _____ is the most important key to financial security.
Emergency fund
Envelope system
Checking account
Job promotion
Men tend to get good deals by:
Finding sales
Going to the mall
Negotiating
Envelope system
The flow of money in a family represents the _____ under which that family operates.
Value system
Sophistication
Income level
Security
Discussing important financial matters with household members can reduce conflict.
True
False
Whether you agree with your parents or not regarding money, you should always respect and honor their decisions.
True
False
Communicating with others about money is entirely a matter of the other person hearing and following your wishes.
True
False
If money fights are a problem in a marriage, then money management provides an opportunity to improve a marriage.
True
False
Communication, teamwork and consistency are all important elements in handling family finances.
True
False
When managing money, one's value system is of no importance.
True
False
In a marriage, you are financially accountable to each other.
True
False
A written plan gives the single person empowerment, self-accountability and control.
True
False
It is easier to manage money when you are accountable to no one.
True
False
The goal in communicating with your parents about money is to become responsible and independent with the money you have.
True
False
A person's priorities, beliefs and standards that affect how he or she views the world
value system
personality
A person who thinks that everything will work out fine and typically hates to deal with the details
Nerd
Free Spirit
The quality or state of being responsible, liable or answerable
honesty
accountability
A confidence and satisfaction in oneself
self-esteem
money personality
Cooperative and coordinated effort on the part of a group of persons acting together in the interest of a common goal
isolation
teamwork
The state of being free from danger or threat
security
avoidance
A process by which information is exchanged between individuals
communication
shouting
The result of achievement toward which effort is directed
competition
goal
A person who is picky about budgeting and details
Nerd
Free Spirit
A situation in which a person is lacking time, which leads to stress
schedule conflict
time poverty
