WorksheetsDR Ch. 1 Test Review
Total questions: 12
Worksheet time: 6mins
Making the right choices with your money—managing your money—involves knowing how . . .
A. Planning, saving, spending, and investing will define your financial portfolio
B. To make bank deposits using registers with the appropriate transactions listed
C. Consumer decisions will affect your accounts
D. Earning, budgeting, saving, spending, and giving affect your money
You should always make sure you have a…
A. Budget
B. Credit line
C. Direct deposit
D. Credit card
To gain an understanding of your personal finances, you should know . . .
A. Your financial goals
B. Where you stand financially, how much income you have, what goals you want to set, and how you’ll reach those goals
C. How much income you have
D. Your investment portfolio and your financial advisors’ contact information
What is The First Foundation?
A. Pay cash for college.
B. Build wealth and give.
C. Save a $500 emergency fund
D. Open a checking account.
Being a spender has many more positives than being a saver.
True
False
A money principle to keep in mind is to live on________you make.
A. Exactly 20% below what
B. More than
C. The same as
D. Less than
To know your net worth, subtract your liabilities from your _______.
A. Other liabilities
B. Net income
C. Previous net worth
D. Assets
What is financial literacy?
A. The content provided in bank statements for consumers
B. The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively
C. The curriculum provided to college students about finances for their degrees
D. The skills to read financial documents for personal finance classes, goals, and statements
What are The Five Foundations?
A. A personal financial action plan
B. A starting point for adults regarding finances
C. A financial literacy technique
D. A common conclusion for debt
As a single adult, you should . . .
A. Keep managing your money as a priority
B. Have an accountability partner you trust somewhat
C. Beware of planned and budgeted buying
D. Seek a financial counselor or advisor by age 25
Personal finance is 20%________ and 80% _________.
A. Head knowledge; behavior
B. Behavior; head knowledge
C. Cause; effect
D. Reactions; behaviors
What is The Fifth Foundation?
A. Pay cash for your car.
B. Get out and stay out of debt.
C. Find a financial professional.
D. Build wealth and give.
