test 1

Question 1

all the financial decisions a individual or family must make in order to earn, budget, save, spend and give money over time

Answer 1

personal finance

Question 2

having the knowledge and skills you need as a consumer to be able to manage your money well

Answer 2

financial literacy

Question 3

a person or organization that uses a product or service

Answer 3

consumer

Question 4

money owed to another person or company

Answer 4

debt

Question 5

an expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings

Answer 5

paycheck to paycheck

Question 6

personal finance is __ percent head knowledge and __ percent behavior

Answer 6

20% and 80%

Question 7

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

Answer 7

credit

Question 8

the percentage of principle charged by the lender for use of its money

Answer 8

interest rate

Question 9

a person or entity that charges borrowers interest rates above an established legal rate

Answer 9

loan shark

Question 10

the additional cost a lender charges for borrowing their money

Answer 10

interest

Question 11

what percent of Americans have at least one credit card?

Answer 11

87%

Question 12

what resulted in credit laws being relaxed?

Answer 12

the push by the American public

Question 13

the national student loan debt has gone from zero to a crisis level of __ dollars

Answer 13

1.5 trillion

Question 14

what association began offering government-funded federal loans?

Answer 14

student loan marketing association

Question 15

the highest debt level is among what age group

Answer 15

45-54 year olds

Question 16

never use more than__

Answer 16

what is already in your account

Question 17

the four lifetime money principles are: be ___ with your money, live on ___ than you make, stay out of __, and always have a ___

Answer 17

generous with your money, less than you make, stay out of debt, always have a budget

Question 18

a plan of action that allows a person to meet not only their immediate needs but also there long-term goals

Answer 18

financial plan

Question 19

the amount by which the value of a person’s assets exceeds or falls behind the value of their liabilities

Answer 19

net worth

Question 20

anything that is owned by an individual, including money in the bank or investment

Answer 20

asset

Question 21

financial debts or obligations

Answer 21

liability

Question 22

the dollar value of a person’s liabilities is larger than the value of their assets

Answer 22

negative net worth

Question 23

the dollar value of a person’s assets is greater than the dollar value of their libalities

Answer 23

positive net worth

Question 24

the cost of goods or services; money paid over

Answer 24

expense

Question 25

net worth is the __ point for your financial plan

Answer 25

starting point

Question 26

how to determine net worth: calculate your __s and __s; __ what you owe from what you own

Answer 26

calculate your assets and liabilities; subtract what you owe from what you own

Question 27

net worth is what you __ minus what you __

Answer 27

own minus what you owe

Question 28

how to determine net income: calculate your __ and __s; __ your expenses from your __.

Answer 28

calculate your net income and expenses. subtract your expenses from your income

Question 29

the amount of money you bring home after taxes are taken out

Answer 29

net income

Question 30

characteristics of good financial goals: specific, measurable, __-__, yours, and __

Answer 30

time- sensitive and written

Question 31

knowing exactly how much money is needed for your goal

Answer 31

specific goals

Question 32

breaking your goal down into smaller chunks you can work toward each month

Answer 32

measurable goals

Question 33

having a deadline to keep you from being distracted/ discouraged

Answer 33

time-sensitive

Question 34

choosing goals you are passionate about

Answer 34

your own personal goals

Question 35

write down all the steps needed to accomplish your goal

Answer 35

written goals

Question 36

double check your financial goals by asking: are these my own __ goals? who will hold me __? what specific steps are needed for me to __ my money goals?

Answer 36

own personal goals, accountable, to achieve

Question 37

financial goals that take up two years to reach are __-__

Answer 37

short-term

Question 38

financial goals that take up five years to reach are __-__

Answer 38

medium-term

Question 39

financial goals that take up longer than five years are __-__

Answer 39

long-term

Question 40

what percent of teen are concerned about paying for college

Answer 40

47%

Question 41

what percent of teens are concerned about not being able to live on their own

Answer 41

45%

Question 42

what percent of teens are concerned to pay taxes

Answer 42

43%

Question 43

the first foundation of the five foundations is: save a $__ __ __

Answer 43

$500 emergency fund

Question 44

the second foundation is: get out and stay __ __ __

Answer 44

out of debt

Question 45

the third foundation is: pay __ for your __

Answer 45

cash from your car

Question 46

the fourth foundation is: pay __ for __

Answer 46

pay cash from college

Question 47

the fifth foundation is: build __ and __

Answer 47

build wealth and give

Question 48

these money principle will act as your ____ to keep you on course with your financial action plan

Answer 48

guardrails

Question 49

no one is __ with financial knowledge, everyone has to __ it

Answer 49

born with. learn it.

Question 50

what are the two main money personalities

Answer 50

saver and spender

Question 51

when talking about money with others, always __ their money personality and __

Answer 51

consider their money personality and values

Question 52

the tips for talking about money are: pick the right __ and place, be __, seek __

Answer 52

pick the right time and place, be honest, seek counsel

Question 53

what you __ to hear isn't always what you__ to hear

Answer 53

need. want.

Question 54

as a single adult you should always: beware of __ buying and develop an __ relationship you trust talking to about money

Answer 54

impulse buying and develop and accountability relationship

Question 55

__ % of couples with great marriages discuss their money goals and reams together

Answer 55

94%

Question 56

__ fights between husbands and wives are a leading cause of __ in America

Answer 56

money fights. divorce.

Question 57

if you are in debt, immediately set up a __ to get out

Answer 57

plan

Question 58

everything you possess ultimately belongs to __

Answer 58

God