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WorksheetsChapter 1 Part 1
Total questions: 15
Worksheet time: 8mins
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
Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.
True
False
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
What is The First Foundation?
Pay cash for college.
Build wealth and give.
Save a $500 emergency fund.
Open a checking account.
Being a spender has many more positives than being a saver
True
False
Personal finance is all the financial decisions a(n) must make in order to earn, budget, save, spend, and give money over time.
Individual or family
Company or organization
Individual or company
Bank
Avoiding debt can lead to financial freedom and hope.
True
False
After World War I, the demand for products increased, and people began getting credit without loan sharks. Because of this, credit…
Started to become more socially acceptable
Increased so rapidly, loan sharks became obsolete
Was offered at even higher interest rates by loan sharks
Was devalued in the marketplace
A money principle to keep in mind is to live on ____ you make
Exactly 20% below what
More than
The same as
Less than
To know your net worth, subtract your liabilities from your ___.
Other liabilities
Net income
Previous net worth
Assets
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
Savers have a tendency to be . . .
Strict with their purchases but spend money without a plan
Strict with only purchases for themselves
Strict with what they spend their money on, other than groceries
Strict with their money and not spend any of it
What is the best way to avoid running out of money too quickly?
You can make it a habit to plan and set goals for your money.
You can avoid making any purchases for the next 30 days.
You can put your money in a safe place, like a bank, and not spend it.
You can invest in college.
It is possible to pay for college with cash.
True
False
