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D/S Unit 1 Review
Test Description: Final Review
Instructions: Answer all questions to get your test result.
1) Instead of borrowing money for large purchases, you should set money aside in a ________ overtime and pay with cash.
A
Emergency fund
B
Mortgage fund
C
Sinking fund
D
Credit card fund
2) What does it mean to have a negative savings rate?
A
Saving for something that is a want instead of a need
B
Having a fully funded emergency fund
C
Spending more money than you make and acquiring debt
D
Having no savings at all
3) The saving habits of Ben and Arthur best illustrate which principle of saving?
A
The length of time money is invested matters.
B
Both interest rate and length of time matter
C
Rate of return matters.
D
The amount of the initial investment is the key.
4) At your age, a fully funded emergency fund should be:
A
$100
B
$1000
C
$500
D
$5000
5) Which of the following is a reason that people donʹt save money?
A
They do not live on a budget
B
They lack discipline
C
All of these
D
They lack focus
6) Why is having a fully funded emergency fund so important when it comes to your financial well-being?
A
None of these
B
The purpose of an emergency fund is to set money aside for financial emergencies and to provide a sense of financial security
C
As long as you have a good-paying job, you really donʹt need an emergency fund.
D
The purpose of an emergency fund is to have money set aside for large purchases, like vacations.
7) Which of the following is a consequence of overdrawing your checking account?
A
Stress from money mismanagement
B
All of these
C
Overdraft fee from your bank
D
Bounced check fee from the store
8) Doing a budget does not:
A
Make your money go further
B
Remove guilt and shame sometimes associated with a purchase
C
Show if you are overspending in an area
D
Make overspending more likely
9) Your monthly budget should include:
A
Discretionary expenses
B
All of these
C
Variable expenses
D
Fixed expenses
10) The zero-based budget is the best method of budgeting because:
A
A zero-based budget allows less money for wants
B
Sticking to a zero-based budget requires less discipline
C
The zero-based budget ensures that every dollar you make is assigned a specific purpose
D
This type of budget is less complicated than other types of budgets
11) Which of the following account records would have the most current balance?
A
All of these records will have accurate account balances
B
Your own account register
C
Account balance statement from the ATM
D
Account balance statement from the ATM
12) Your income level greatly affects your saving habits.
A
True
B
False
13) Americans typically maintain a very high savings rate.
A
True
B
False
14) You should save money for three basic reasons: emergency fund, purchases and wealth building.
A
True
B
False
15) When youʹre older and out of school, youʹll need to grow your emergency fund into a full three to six monthsʹ worth of expenses.
A
False
B
True
16) The number-one cause of divorce in North America today is stress and disagreements over money.
A
False
B
True
17) The envelope system works great for managing spending on things that donʹt normally have a fixed monthly expense.
A
False
B
True
18) If you write a zero-based budget every month, it is not necessary to reconcile your account.
A
True
B
False
19) Budgeting is crucial to your financial success.
A
False
B
True
20) A debit card cannot be used for online purchases.
A
True
B
False
*select an answer for all questions
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