Multiple Choice
A period of economic decline during which trade and industrial activity are reduced; generally identified by a fall in gross domestic product (GDP). Choose one: market economy or recession.
What is a recession?
Never solves problems
What is debt?
A ______ might seem intimidating at first, but it is not as intimidating as going broke!
What is a budget?
These make up the steps to financial success
What are the 5 foundations?
"Wise people invest in ______________"
What is themselves?
Personal Finance is 80%_______ and 20%________
What is behavior and head knowledge?
This is the way to get the most out of compound interest
What is start investing early?
One word that describes what debt is
What is bad?
When you buy something and regret it is called
What is buyers remorse
A system by which goods and services are produced and distributed. Choose one: assets or economy.
What is an economy?
Financial decisions an individual or family must make in order to earn, budget, save, and spend money over time.
What is personal finance?
Saving money overtime for a large purchase
What is a sinking fund?
The 1st Foundation
What is a $500 emergency fund?
"Debt isn't a math problem, it's a ________ problem"
What is behavior?
Saving requires this trait ___________.
What is discipline?
According to Dave Ramsey, this is the average numbers of years it takes to be a millionaire
What is 17 years?
The percentage of student loan borrowers that fall behind on their loan payments in the first
What is 41 percent?
True or False?
You should consider inflation when you plan for future expenses
What is True?
Which of the following statements best explains why income alone does not determine wealth? a) Investing is the only factor that contributes to wealth building. b) Income alone does determine a person's wealth. c) Only people who are natural savers can become wealthy d) How much money a person makes does not dictate his or her spending and saving behavior.
What is d) How much money a person makes does not dictate his or her spending and saving behavior?
Age when someone should open their first savings account.
What is between 13-15 years old.
Spending more money than you have in your account.
What is an overdraft?
The 2nd Foundation
What is Get out of Debt?
“We buy things we don't _____with money we don't have to impress people we don't ____.”
What is need and like?
When Rachel Cruz was in high school she over drafted her checking account. Her Dad made her go to the bank and __________ for __________.
What is apologize and lying?
Overdrafts are a sign of __________ living
What is crisis?
The percentage of student loan borrowers that end up dropping out of school.
What is 30%?
the action of persuading a consumer to buy something is called...
What is f advertising ?
The widespread financial insecurity of Americans is primarily because: a) the incomes of Americans are low b) the saving rate of Americans is low and many borrow in order to spend more than they earn c) Gov't programs are unavailable to help people when they are disabled or experience unemployment d) Most Americans save a high proportion of their income.
What is b) the saving rate of Americans is low and many borrow in order to spend more than they earn.
The first step in becoming money smart.
What is the language of money?
A rate charged for the use of money
What is interest?
Ended the Great Depression by reviving American industry through government spending and consumption
What is WWII?
"A _______ is telling your money where to go instead of wondering where it _____." – Dave Ramsey
What is budget and went?
Give every single __________ you make a name.
What is dollar?
The value of an investment of $1000 compounded yearly at 10% for 10 years
What is $2593.74?
The amount of money in total of all outstanding debt in the the USA.
What is a trillion dollars?
How many unused items, worth a total of 3,100$, lie around the average U.S Household?
What is 52?
Which of the following is not a true statement? a) Americans learned to borrow amidst post -WWII prosperity. b) The credit industry in America has not changed much since 1917. c) After 1970, consumer debt skyrocketed. d) As banks made higher profits, they were willing to lend more money to consumers.
What is b) The credit industry in America has not changed much since 1917?
Emergency fund, Purchases, Wealth Building
What are the 3 basic reasons to save money?
Interest paid on interest previously earned
What is compound interest?
The age that Dave Ramsey started a short lived real estate business that ended in bankruptcy.
What is 18 years old?
Most people hate the word budget because it has a ________ connotation.
What is straitjacket?
______ months of budgeting to start getting it right.
What is 3 months?
This is the formula for compound interest.
What is FV=PV(1+r/m)^(mt)?
Of the total outstanding student loan debt, approximately ___ _______ is past due.
What is 85 billion?
The average consumer mentions _______ ______ over ____ times per week in conversation.
What is Specific Brands and 90?
Why was the use of credit uncommon prior to 1917? a) Laws prevented lenders from charging high interest rate. b) borrowing money was generally not socially acceptable. c) Lending money to others was not profitable. d) All of the above.
What is d) all of the above?
Frustration, Role Models, Pragmatic, Money Isn't Everything
What are the money personalities?
Compare your register balance to the statement balance. They should be the same. If not look for discrepancies- like outstanding checks.
What is to reconcile?
Live like ____ ____ ____ so that later you can live like __ ___ ___. (3 words repeated)
What is no one else?
She is from the Hills of East Tennessee, _______ _____ _____there is an Olympic Event.(3 words)
What is frying pan throwing?
You don't start out on the black diamond slope you start on the ______________
What is the Bunny slope?
This is $1000 compounded quarterly at 16% for 8 years
What is $3508.06?
What is two-thirds?
Color, Packaging, Shelf Positioning and Brand recognition are three types of what?
What is Product Positioning?