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Chapter 1 Review: Introduction to Personal Finance

Total questions: 38

Worksheet time: 19mins

Name
Class
Date
1.

Having a(n) __________ means the amount of your liabilities is larger than the value of your assets.

a)

Personal Finance

b)

Negative Net Worth

c)

Asset

d)

Interest

2.

__________ means having the knowledge and skills to manage your personal finances.

a)

Interest

b)

Paycheck to Paycheck

c)

Financial Literacy

d)

Interest Rate

3.

As a(n) __________, it‘s up to you to make choices about what you buy and use.

a)

Paycheck to Paycheck

b)

Financial Literacy

c)

Interest Rate

d)

Consumer

4.

__________ is a fee charged for using borrowed money for a purchase.

a)

Negative Net Worth

b)

Asset

c)

Interest

d)

Negative Net Worth

Asset

Interest

Paycheck to Paycheck

5.

American culture and businesses have convinced consumers that using __________ is normal.

a)

Credit

b)

Net Worth

c)

Loan Shark

d)

Debt

6.

__________ relates to all of the different money decisions you make each day.

a)

Personal Finance

b)

Negative Net Worth

c)

Asset

d)

Interest

7.

Knowing your __________ is the starting point for a financial plan.

a)

Liability

b)

Financial Plan

c)

Credit

d)

Net Worth

8.

A(n) ___________ is anything you own that has value.

a)

Personal Finance

b)

Negative Net Worth

c)

Asset

d)

Interest

9.

The percentage of Americans who are living paycheck to paycheck is almost . . .

a)

60%

b)

70%

c)

90%

d)

80%

10.

Personal finance is 20% head knowledge about money. What‘s the other 80%?

a)

Cash in the bank

b)

Experience

c)

Relationships

d)

Behavior

11.

Living on less than you make means not . . .

a)

Buying a car at 16 years old

b)

Going to college after high school

c)

Budgeting to eat out with friends

d)

Spending all of your money

12.

The total student loan debt owed in the U.S. is currently about how much?

a)

$1.5 million

b)

$1.5 billion

c)

$1.5 quadrillion

d)

$1.5 trillion

13.

Almost half of all Americans report having less than _________ in savings.

a)

$500

b)

$1,000

c)

$5,000

d)

$10,000

14.

The Five Foundations provide a simple ____________ to help you win with money.

a)

Guide for investing

b)

Suggestion

c)

Educational course

d)

Action plan

15.

Only a few people in America have the ability to become a millionaire.

a)

True

b)

False

16.

Buying things on credit was extremely rare before which year?

a)

1949

b)

1925

c)

1962

d)

1917

17.

Credit cards and car loans are a great idea for most people.

a)

True

b)

False

18.

The average student loan debt is about

a)

$30,000

b)

$12,000

c)

$18,000

d)

$6,000

19.

Prior to the 1970's, debt was something most Americans were ashamed of.

a)

True

b)

False

20.

A lot of people you think "look" wealthy are completely broke.

a)

True

b)

False

21.

Once you have established your financial plan, you need to write it down.

a)

True

b)

False

22.

Who profits from interest on credit card debt?

a)

People using the cards

b)

Credit Card Companies

c)

Retail Stores

d)

The Government

23.

Americans today charge over __________ a year on their credit cards.

a)

2 billion

b)

25 million

c)

1 trillion

d)

82 billion

24.

The granting of a loan and the creation of debt; any form of deferred payment

a)

Layaway

b)

Credit

c)

Financial Literacy

d)

Bank

25.

An obligation of repayment owed by one party (the debtor/borrower) to a second party (the creditor/lender); in most cases this includes repayment of the original loan amount plus interest

a)

Credit Card

b)

Credit

c)

Debt

d)

Banker

26.

A fee paid by a borrower to the lender for the use of borrowed money; typically interest is calculated as a percentage of the principal (original loan amount)

a)

Interest

b)

Equity

c)

Loan

d)

Credit

27.

A debt evidenced by a "note," which specifies the principal amount, interest rate, and date of repayment

a)

Loan

b)

Debt

c)

Contract

d)

Bank

28.

All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.

a)

Decisions

b)

Budgeting

c)

Personal Finance

d)

Loan

29.
Learning the language of money is not that important because you will be able to depend on financial planners to manage your money
a)
True
b)
False
30.
Which of the following is NOT a reason credit is marketed so heavily to consumers in the United States?
a)
There is strong demand for big ticket items.
b)
Credit industry has become extremely profitable.
c)
The use of credit is not socially acceptable in the US
d)
After WWI, credit laws were relaxed in an attempt to create a mainstream alternative to loan sharks for the working class.
31.
When it comes to managing money, success is about ___% head knowledge and ___% behavior.
a)
50, 50
b)
80, 20
c)
60, 40
d)
20, 80
32.
Americans typically maintain a very high savings rate. 
a)
True
b)
False
33.

Which of the following statements best describes how Americans are being outsmarted by banks and other lenders?

a)

Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees continue to destroy our financial well-being.

b)

We are taught that we can buy happiness.

c)

Buying things on credit has become acceptable in our culture.

d)

We are driven by consumerism.

34.
When it comes to personal finance, the math is easy. Whatʹs challenging is managing your ________. 
a)
Income
b)
Friends
c)
Bank Account
d)
Behavior
35.
Which of the following is not a benefit of understanding your own money personality? 
a)
Recognizing who you are allows you the opportunity to grow and learn. 
b)
Once you know your money personality, you can develop a financial plan that works for you. 
c)
Knowing your money personality allows you to excuse excessive spending because it is simply part of your nature. 
36.

Person/organization that uses a product/service

a)

Consumer

b)

Loan

c)

Credit

d)

Financial Literacy

37.

Granting of a loan; any form of deferred payment

a)

Loan

b)

Credit

c)

Debt

d)

Finances

38.

Fee paid by a borrower to the lender for the use of borrowed money.

a)

Debt

b)

Loan

c)

Interest

d)

Fee

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