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Ch. 10 Test Review
Test Description: Test Prep
Instructions: Answer all questions to get your test result.
1) If you value security, you are more likely to:
A
C) Save money
B
D) All of the above
C
A) Make Impulse buys
D
B) Spend money
2) 2) When it comes to communicating with others about money, you should not:
A
B) Be honest
B
A) Manipulate
C
C) Listen
D
D) Pick the right time and place
3) 3) When married couples do not share goals and values in how they manage money, which of the following can occur?
A
B) Stress
B
A) Divorce
C
C) Conflict
D
D) All of the above
4) 4) Which of the following statements is false?
A
A) When handling money, it can be difficult to balance who you are with what you should do.
B
B) Being aware of your money personality will help you create a money plan that works for you.
C
D) If you value freedom and spontaneity, youʹre more likely to be a saver.
D
C) When it comes to relating with others about money, itʹs important to also consider their values.
5) 5) When communicating with your parents about money, you should:
A
B) Be honest
B
A) Communicate your wants, needs, and money goals
C
D) All of the above
D
C) Be a good listener
6) 6) Which of the following can be a challenge when managing money on your own as a young single adult?
A
C) Time poverty and fatigue
B
B) Not keeping a written budget
C
D) All of the above
D
A) Impulse buying due to lack of an accountability partner
7) 7) Which of the following statements regarding marriage and money is false?
A
C) In a marriage, you are financially accountable to one another.
B
D) Managing finances in a marriage takes teamwork.
C
A) When you agree on your spending, that means that you also agree on your value system.
D
B) It is okay to hide purchases from your spouse as long as you have the cash to pay for it.
8) 8) Which of the following is not a rule for the ʺbudget committee meetingʺ?
A
D) The Nerd should be the one to prepare the budget
B
B) You should write a zero-based budget in which you spend every dollar on paper before the month begins.
C
A) The decision making must be done by both people.
D
C) The meeting should go on for however long it takes in order to come up with a complex and detailed budget.
9) 9) For women, the ________ is the most important key to financial security.
A
A) Emergency fund
B
C) Checking account
C
B) Job promotion
D
D) Envelope system
10) 10) Men tend to get good deals by:
A
A) Finding sales
B
B) Going to the mall
C
C) Negotiating
D
D) Clipping coupons
11) 11) The flow of money in a family represents the ________ under which that family operates.
A
C) Sophistication
B
B) Income level
C
A) Security
D
D) Value system
12) 12) Since men and women are different, who is supposed to do the financial decision making in a marriage?
A
B) Both spouses
B
C) They should each manage their own money
C
A) The wife
D
D) The husband
13) 13) The number-one cause of divorce in America is:
A
B) The in-laws
B
D) None of the above
C
A) Money fights
D
C) Religious differences
14) 14) A great way for a young person to avoid making money mistakes is to:
A
B) Realize that mistakes are unavoidable
B
D) It is unlikely that a young person will make money mistakes
C
A) Let a parent manage their finances
D
C) Seek advice from a trusted adult
15) 15) You should communicate your money goals with your parents and others close to you because:
A
C) It will allow others to help you by providing accountability and encouragement along the way
B
D) They can write your monthly budget
C
B) They can provide financial support in case you make mistakes
D
A) Your goals are your goals. There is no need to share them
16) 16) The goal in communicating with your parents about money is to become responsible and independent with the money you have.
A
False
B
True
17) 17) It is easier to manage money when you are accountable to no one.
A
True
B
False
18) 18) A written plan gives the single person empowerment, self-accountability and control.
A
False
B
True
19) 19) In a marriage, you are financially accountable to each other.
A
False
B
True
20) 20) When managing money, oneʹs value system is of no importance.
A
False
B
True
*select an answer for all questions
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