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MMM Chapter 1 And 2 Study Guide
Test Description: Study Guide for Chapter 1 and 2
Instructions: Answer all questions to get your test result.
1) The amount of money you owe in addition to what you borrow is called
A
loan
B
interest
C
economy
2) How you and your family decided to spend and save money is known as
A
interest
B
personal finance
C
loan
3) When it comes to managing money
A
It is 80% knowledge/20% behavior (What you know is more important than what you do
B
It is 20% knowledge/80% behavior (what you do is more important than what you know)
C
50%knowledge/50% behavior (what you do and what you know are the same)
4) How do people get into debt?
A
by putting money aside for emergencies
B
by spending more than they have
C
by saving a percentage of what they make
5) Where would you put money for future purchases?
A
sinking fund
B
savings account
C
emergency fund
6) You are more likely to increase your wealth if you
A
have debt
B
don't have debt
7) Which is a reason you should know how to take care of your money?
A
so you can owe people lots of money
B
to prevent future mistakes and increase your benefits
C
so someone else can take care of your money
8) Debt is when
A
you owe money and don't have enough to pay if off
B
you make more money than you did before
C
you leave your money to someone else when you die
9) Why should you save money?
A
to build wealth
B
for an emergency fund
C
for all of these
D
for purchases
10) When you set aside money for an emergency fund you should set aside
A
3-6 months worth of your salary
B
1-2 weeks worth of your salary
C
1 years worth of your salary
11) Steady rise of the cost of goods and services
A
five foundations
B
compound interest
C
inflation
12) Before you can make a personal financial plan you,
A
need to get a credit card
B
need to look at how much money you have now
C
need to make a lot of money
13) A specific amount of money you borrow plus the interest you must pay by a certain date
A
loan
B
economy
C
interest
14) System by which goods and services are made and given out
A
economy
B
personal finance
C
interest
15) Money put aside and not to be used except for surprise bills and purchases
A
emergency fund
B
wealth building
C
interest rate
16) Earning interest on interest you have already earned
A
compound interest
B
wealth building
C
interest rate
17) An extra percentage of money paid to the person you borrowed money from
A
emergency fund
B
interest rate
C
five foundation
18) Save for emergency fund, getting out of debt, pay cash for a car, pay cash for college, and build wealth and give
A
five foundations
B
inflation
C
compound interest
19) Putting a portion of your money in a savings account so it can earn money for you
A
Wealth building
B
inflation
C
five foundations
20) A high school emergency fund should be
A
None, I still live with my parents
B
$500
C
$500
D
$1000
*select an answer for all questions
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