Five Foundations
Should you use your emergency fund if you want some Flamin Hot Cheetos on this fine morning?
Planning how to use your money is called a?
Budget
What is it called when you buy something on a whim because it looks good or cool?
Impulse buy
Should you use a credit card according to Dave?
No
What is the idea that people have unlimited wants but not unlimited resources called?
Scarcity
True or False? It is acceptable to use a credit card when buying a car according to Dave?
False
What is the other part of a budget besides: Income, Spending, and Giving
Saving
How many licks does it take to get to the center of a Tootsie Roll Tootsie pop?
The World May Never Know
What is the extra money you have to pay back after using credit called?
What are the four factors of production?
Land, Labor, Capital, and Entrepreneurship
What is the fifth foundation saying to do with some of your left over money?
Save and Give
How often should you make a budget?
Monthly
True or False? Companies lose money when they put on a sale or discount?
False
An asset that loses money as times goes on is called what?
Depreciating Asset
What kind of Economy is the United States?
Mixed Economy
How much money should be in your emergency fund according to Dave?
$500
What kind of expense are purchases that are not necessary but you still buy?
Discretionary
What kind of Ad technique takes you back to the "good ole days."
What is the method to attack your small debts first called?
Debt Snowball Method
If the price of a good goes way up and people quit buying the good then that means it is?
Elastic
Which foundation is paying cash for your car?
3rd
According to Dave how much of your budget or income should go to giving?
10%
What is it called when companies say that "everybody is buying these."
Herd Mentality or Bandwagon
The original amount of a loan; the total amount borrowed before interest is called the?
Principal
What kind of GDP is measured by the population of a country?
GDP per capita