Ramsey Random
What kind of card does Ramsey not believe in?
Credit Cards
Net Income
What does Ramsey say you should do if you can't afford to go to a certain college?
Do not go there
What is it called when you buy something without planning to do so?
Impulse buying
What does GDP stand for?
Gross Domestic Product
What kind of interest allows your money to steadily become worth more as it sits in the bank?
Compound Interest
Dave says that you should keep your budget by the day, week, month, or year?
Monthly
How much money should be in your emergency fund?
$500
What is the next best thing you chose not to buy called?
Opportunity Cost
What government body controls monetary policy?
The Federal Reserve (The FED)
If your assets are worth $120,000 and your liabilities $45,000. What is your net worth?
$75,000
What should the first priority be in your budget?
Savings
What is the fifth and final foundation once all the other ones are properly met?
To give and be generous
How do most young people get their information nowadays?
Social Media
Name the four factors of production?
Land, Labor, Capital, Entrepreneurship
What percentage of people in America are in debt? If you get within 10% I will count it correct?
72%
What is a discretionary expense?
Expenses that are not needs
What is the biggest no-no in the Ramsey book of knowledge?
Stay out of Debt
What kind of ad appeals to your brain by taking you back to the "good ole days"?
Oligopoly
Why should you live thinking about Murphy's Law?
Because what can go wrong will go wrong so you may need those savings down the road
What expense is likely to be your most costly category?
Rent / Housing
If you understand and can complete the five foundations that means you have...
Financial Literacy
Who made McDonald's a worldwide phenomenon due to his charismatic personality and marketing skills?
A business raises the price of a good, and the result is a loss in profit. This shows that the good is...
Elastic