WorksheetsCHAPTER 3-PERS. FIN-TEST
Total questions: 38
Worksheet time: 3hrs 20mins
What causes a person to generate wealth is that you ______ some of your money, each month.
keep or save
spent
lost
gave away
Saving is ______ a part of your budget.
always
never
sometimes
rarely
In America, nearly 8 out of 10 families live ______ to paycheck.
paycheck
month
year
day
You will have a financial ______ at some point in your life.
emergency
windfall
surplus
deficit
Why is self-discipline the key to becoming a good saver?
It helps in setting and sticking to a budget.
It allows for impulsive spending.
It encourages borrowing money.
It leads to financial instability.
What are some long-term consequences of not learning to save while you're young?
Financial instability in adulthood
Inability to afford retirement
Accumulation of debt
All of the above
The first reason to save money is to build your ______ fund.
emergency
vacation
shopping
party
The second reason to save money is for ______ purchases.
large
small
frequent
unnecessary
The third reason to save money is for ______ building.
wealth
health
relationship
career
Start saving while you're ______.
young
old
busy
tired
Which of the following is a common struggle when it comes to saving money?
Impulse buying
Lack of budgeting
Unexpected expenses
All of the above
How can your money personality affect your ability to save?
It determines your spending habits.
It has no effect on saving.
It only affects your income.
It is unrelated to financial decisions.
The First Foundation: Save a ______ emergency fund.
$500
$1000
$200
$1500
An emergency is an ______ expense.
unexpected
planned
regular
predictable
Money comes from ______.
work
trees
magic
luck
An emergency fund turns a crisis into an ______.
inconvenience
disaster
catastrophe
chaos
Save up and pay for things with ______.
cash
credit
loans
installments
Avoid ______ payments for life.
car
house
credit card
loan
If you invested ______ per month in mutual funds from age 25 to 65, you could have $3.6 million in a mutual fund.
$554
$300
$700
$1000
Having an emergency fund reduces drama and stress. Which of the following is a real-life example of how an emergency fund could help reduce stress in your life?
Covering unexpected medical expenses
Paying for a planned vacation
Buying a new car
Investing in stocks
If you need to save $1,000 for a new laptop and you need it in six months, what would your weekly savings goal need to be?
$38.46
$41.67
$50.00
$60.00
If you start saving and paying cash for large purchases early in life, how will that help you later in life?
It helps in building a habit of saving.
It reduces the need for loans and interest payments.
It allows for more financial freedom in the future.
All of the above.
Other than a car, what are some common large purchases that offer financing or payment options you should avoid?
Furniture
Electronics
Vacations
Clothing
$100 ______ per month from age 25 to 65, at 11% interest, is $1,176,000.
invested
spent
saved
borrowed
48% of Americans have less than $10,000 saved for ______.
retirement
vacation
a new car
college tuition
Adults devise a plan and follow it. Children do what ______ good.
feels
sounds
looks
seems
Self-discipline will lead to a high ______ of life.
quality
standard
cost
difficulty
The power of ______ interest says to get started as soon as you can.
compound
simple
annual
monthly
What are two reasons Americans don’t save more for retirement?
Lack of financial literacy and high cost of living
Abundance of retirement savings plans and low cost of living
High interest rates on savings accounts and government incentives
Excessive taxation on retirement savings and early retirement age
Everyday people can build ______.
wealth
houses
cars
robots
You need a ______ to become a millionaire.
plan
luck
inheritance
job
To build wealth and become a millionaire, you need two things: ______ and time.
consistency
luck
education
connections
When you reach The Fifth Foundation, make wealth building part of your ______ budget.
monthly
weekly
daily
yearly
If you invest ______, you’ll have nothing.
nothing
everything
a little
a lot
Invest consistently over time so that compound interest ______ compound growth.
creates
hinders
prevents
stops
What are some consequences of taking money out of your retirement early?
A. Increased tax liability
B. Penalty fees
C. Reduced retirement savings
D. All of the above
When thinking of the word intentionality, and talking or thinking about building wealth, what does intentionality have to do with finances and wealth?
Pick 2 things in this course, regarding the lessons and ideas around saving- then explain how YOU will use those 2 things to save and build wealth in your own life.
