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WorksheetsChapter 12 - Giving Review
Total questions: 35
Worksheet time: 3hrs 55mins
Which of the following should be a consideration when selecting a nonprofit to which youʹd like to contribute?
How well-run the organization is
Your values and beliefs
The charityʹs commitment to accountability and transparency
All of the above
Is it better to give to many charities or just a few?
Many
None at all
Just a few
Doesn't matter
What percentage of American households give to charity?
65%
20%
5%
100%
Which of the following is not one of the Five Foundations?
Pay cash for your car
Build your credit
Build wealth and give
Save a $500 emergency fund
Which of the following statements is false?
Giving to others should always be in the form of money.
Before you can truly help others, youʹve got to know what is really important to you.
Knowing what you value will help you select a charitable organization to serve.
Despite what our culture says, you are unique.
Smart donors support their favorite charities:
Once a year
Long-term
It is unusual for a donor to have a favorite charity
Short term and then move on to other charities
When donating non-cash items to a charity, which of the following is not recommended?
Donating the items locally
Considering selling the items and donating cash instead
Donating the items to non-local charities
Determining whether or not the items you wish to donate are useful
Which of the following is a way that giving to others can benefit you?
Giving can help you build relationships.
Giving to others can give you a sense of purpose and fulfillment.
Sacrificing your money, time and talents creates a legacy.
All of the above
When considering donating to charity:
You can start giving your time, money or talents now
You should wait and see what your friends are willing to give
If you are considering tutoring or giving lessons, you should first have a college degree
You should first have a large income
The Fifth Foundation is Build Wealth and:
Save
Stay out of debt
Give
Keep it for yourself
The Five Foundations:
Are optional steps for basic money management
Are a way of establishing a high credit rating
Are the beginner steps for establishing and maintaining financial peace
Are unnecessary steps since most Americans are naturally good money managers
Your budget should include all of the following except:
Lending money to friends
Saving
Giving
Spending
Which of the following statements is false?
A gift to a qualified charitable organization may entitle you to a tax deduction.
You should document your charitable contributions for tax purposes.
All charitable organizations qualify for a charitable contribution deduction.
A contribution to a qualified charity is deductible in the year in which it is paid.
Your primary motivation for giving should be:
Tax deductions
What others will think of you
Whether or not your friends are doing it
The simple desire to help others
Giving should be:
At the end of your budget if you have money left over
Only budgeted for if you make a lot of money
First in your budget
Only budgeted if you come across unexpected money
You have to wait until you have a large income before you can help others.
True
False
One financial benefit of giving money to charity is that your contribution may be tax deductible.
True
False
There is nothing that distinguishes your values and interests from those of other teenagers.
True
False
One of the most important and rewarding things you can do is give.
True
False
John D. Rockefeller was a businessman in the early 1900s who is remembered only for his wealth.
True
False
When we give to others, we become less self-focused.
True
False
If you commit to following the Five Foundations, you will have more money to give to others.
True
False
Money is not the only way to give.
True
False
Delaying the act of giving will make giving less likely in your future.
True
False
You can be remembered for positive or negative attributes.
True
False
Anything handed down from the past; something that someone has achieved that continues to exist after they are gone.
legacy
antique
family traits
Means ʺlove of humanityʺ; identifying and exercising oneʹs values in giving and volunteering.
caregiver
philanthropy
family member
Organizations that use money raised to achieve their goals rather than distributing them as profit.
non-profits
fundraisers
clubs
Traits or qualities that represent an individualʹs highest priorities, deeply held beliefs and motivating forces; oneʹs guiding principles.
rules
core values
attitudes
A reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayerʹs income bracket.
tax deduction
tax expense
taxable income
An organization set up to provide help and raise money for those in need.
business organization
charitable organization
corporation
To give money, food or other help to a country or organization that needs it.
voluntary
donation
aid
The practice of providing help and advice to people in a community before they have to ask for it.
sponsor
outreach
donating time
Someone who gives money or goods to an organization.
donor
provider
volunteer
The Fifth Foundation.
save a $500 emergency fund
get out of debt
build wealth and give
