WorksheetsChapter 1 Test
Total questions: 19
Worksheet time: 20mins
You should always make sure you have a ______________
Credit Card
Direct Deposit
Financial Plan
Line of Credit
To gain an understanding of your personal finances, you should know ______
Your financial goals
How much net income you have
How much net income you have
Your goals & Where you stand financially
Your investment portfolio
What is the Last Foundation?
Get out of debt and stary out of debt.
Save $500 for an emergency
Pay cash for college
Be generous
Being a Spender has many more POSITIVES than being a Saver
True
False
Personal Finance is all the financial decisions a _____________must make in order to earn, budget, save, spend, and give generously.
Family and individual
Company and Organization
Individual or Company
Bank
Avoiding debt can lead to financial freedom and hope.
True
False
To know your positive net worth, your ____________ must be more than your ________________.
liabilities, assets
expenses, net income
gross income, expenses
Assets, liabilities
What is financial literacy?
The content provided in bank statements for consumers.
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
Reading 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?
Make a habit of setting goals and planning what to do with your money.
Avoid making any purchases for the next 30 days.
Put your money in a safe place like a bank and not spend it.
You can invest for college.
It is possible to pay cash for education?
False
True
An important money principle to consider is that you should ____________and ____________ your money.
Invest and layout
Save and Invest
Spend and invest
Invest and endow
If your liabilities total more than your assets, you will have a(n) _____________ net worth.
Equal
Negative
Positive
Balanced
Your money personality impacts ________________
your understanding of bank transactions.
your financial literacy level.
what you plan for as an adult.
Relationships and how you handle money.
What is the last foundation in the 5 Foundation Plan?
Save $500.
Live on less than you make.
Pay cash for your first car.
Be OUTRAGEOUSLY generous
Explain why communication about money is extremely important. (2 points)
Explain the difference between short term, medium term and long term goals (must include time frame);
Give a personal example of each goal? [Two parts to this question]
What does the common phrase "living paycheck to paycheck" mean?
Explain why living this way is a problem.
Identify the FIVE FOUNDATIONS in order and DESCRIBE each of them.
